Earnings Per Share

3 Months Ended

Apr. 28, 2012

Earnings Per Share [Abstract]

Earnings Per Share

Note 5. Earnings Per Share

     In accordance with accounting guidance, unvested share-based payment awards that include non-forfeitable rights to dividends, whether paid or unpaid, are considered participating securities. As a result, such awards are required to be included in the calculation of basic earnings per common share pursuant to the "two-class" method. For us, participating securities are comprised of unvested restricted stock awards.

     Earnings per share ("EPS") is determined using the two-class method, as it is more dilutive than the treasury stock method. Basic EPS is determined using the two-class method and is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the dilutive effect of potential common shares from securities such as stock options and PSUs.

     The following table sets forth the computation of basic and diluted EPS shown on the face of the accompanying consolidated statements of comprehensive income:

		Thirteen Weeks Ended
		April 28,		April 30,
		2012		2011
Numerator
Net income	$	53,645		$	45,918
Net income and dividends allocated to unvested		(933	)		(537	)
restricted stock
Net income available to common shareholders	$	52,712		$	45,381
Denominator
Weighted average common shares outstanding – basic		163,973,850		174,881,470
Dilutive effect of outstanding awards		902,397		1,230,938
Weighted average common and common equivalent
shares outstanding – diluted		164,876,247		176,112,408
Net income per common share
Basic	$	0.32		$	0.26
Diluted	$	0.32		$	0.26

     For the thirteen weeks ended April 28, 2012 and April 30, 2011, stock options representing 1,619,363 and 3,905,031 shares of common stock, respectively, were excluded from the computation of diluted EPS because they were anti-dilutive.