(Loss) Earnings Per Common Share

3 Months Ended

May 02, 2020

Basic (loss) earnings per common share is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted (loss) earnings per common share is computed based on the weighted average number of shares of common stock outstanding, plus the effect of dilutive potential common shares outstanding during the period, using the treasury stock method. Dilutive potential common shares include shares the Company could be obligated to issue from its Convertible Senior Notes and warrants (as defined in Note 6) and stock-based awards, such as stock options and restricted stock.

The computations for basic and diluted (loss) earnings per common share were as follows for the periods presented (in thousands, except per share data):


	13 Weeks Ended
	May 2, 2020		May 4, 2019
Net (loss) income	$	(143,422)	$	57,525

Weighted average common shares outstanding - basic	83,734		92,887
Dilutive effect of stock-based awards	—		1,501
Dilutive effect of Convertible Senior Notes and warrants	—		—
Weighted average common shares outstanding - diluted	83,734		94,388

(Loss) earnings per common share - basic	$	(1.71)	$	0.62
(Loss) earnings per common share - diluted	$	(1.71)	$	0.61

Potential dilutive common shares are excluded from the computation of diluted net (loss) income per share if their effect is anti-dilutive. Due to the net loss for the fiscal quarter ended May 2, 2020, approximately 7.8 million stock-based awards were excluded from the calculation of diluted loss per share, as these shares were anti-dilutive. Anti-dilutive shares totaled 3.2 million for the 13 weeks ended May 4, 2019. Additionally, the number of shares that the Company could be obligated to issue upon conversion of our Convertible Senior Notes and warrants were excluded from the current quarter calculation as they were anti-dilutive. See Note 6 for additional information.