Earnings Per Common Share

12 Months Ended

Jan. 29, 2022

Earnings per Common Share

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


	2021		2020		2019
Net income	$	1,519,871	$	530,251	$	297,462
Weighted average common shares outstanding - basic	83,183		84,258		87,502
Dilutive effect of stock-based awards	6,503		4,185		1,564
Dilutive effect of Convertible Senior Notes	11,332		3,460		—
Dilutive effect of warrants	8,560		736		—
Weighted average common shares outstanding - diluted	109,578		92,639		89,066
Earnings per common share - basic	$	18.27	$	6.29	$	3.40
Earnings per common share - diluted	$	13.87	$	5.72	$	3.34
Stock-based awards excluded from diluted shares	42		1,688		2,990

For fiscal years 2021 and 2020, the dilutive effect of the Convertible Senior Notes included approximately 11.3 million and 3.5 million shares, respectively, that are designed to 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. See Note 10–Convertible Senior Notes.