Earnings per share

3 Months Ended

May 02, 2015

Earnings Per Share [Abstract]

Earnings per share

Earnings per share

	13 weeks ended
(in millions, except per share amounts)	May 2, 2015		May 3, 2014
Net income	$	118.8	$	96.6
Basic weighted average number of shares outstanding	80.0		79.9
Dilutive effect of share awards	0.2		0.4
Diluted weighted average number of shares outstanding	80.2		80.3
Earnings per share – basic	$	1.49	$	1.21
Earnings per share – diluted	$	1.48	$	1.20

The basic weighted average number of shares outstanding excludes non-vested time-based restricted shares, shares held by the Employee Stock Ownership Trust (“ESOT”) and treasury shares. Such shares are not considered outstanding and do not qualify for dividends, except for time-based restricted shares for which dividends are earned and payable by the Company subject to full vesting. The effect of excluding these shares is to reduce the average number of shares in the 13 weeks ended May 2, 2015 by 7,207,154 shares (13 weeks ended May 3, 2014: 7,272,616 shares). The calculation of fully diluted EPS for the 13 weeks ended May 2, 2015 excludes share awards of 74,148 shares (13 weeks ended May 3, 2014: 0 share awards) on the basis that their effect would be anti-dilutive.