Earnings Per Common Share

12 Months Ended

Jan. 30, 2021

Earnings per Common Share

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


	Fiscal Year Ended
	2020		2019		2018
Net income	$	530,251	$	297,462	$	319,864
Weighted average common shares outstanding - basic	84,258		87,502		97,743
Dilutive effect of stock-based awards	4,185		1,564		1,038
Dilutive effect of Convertible Senior Notes and warrants	4,196		—		—
Weighted average common shares outstanding - diluted	92,639		89,066		98,781
Earnings per common share - basic	$	6.29	$	3.40	$	3.27
Earnings per common share - diluted	$	5.72	$	3.34	$	3.24

Potentially dilutive shares are excluded from the computation of earnings per share if their effect is anti-dilutive. Anti-dilutive options and restricted stock awards excluded from the calculation of earnings per share for fiscal years 2020, 2019, and 2018 were 1.7 million, 3.0 million, and 3.5 million, respectively. Approximately 3.5 million shares included in weighted average common shares outstanding for the year ended January 30, 2021 from the Convertible Senior Notes will be offset at settlement by shares delivered from the bond hedge purchased by the Company. The shares provided by the bond hedge are anti-dilutive; accordingly, they are not treated as a reduction to diluted weighted average shares outstanding for fiscal 2020. See Note 9–Convertible Senior Notes.