Earnings Per Share

6 Months Ended

Jul. 30, 2022

EARNINGS PER SHARE

Basic earnings per share is based on net income and the weighted average of Class A and Class B common shares outstanding. Diluted earnings per share reflects the potential dilution of common shares adjusted for outstanding stock options and restricted stock units ("RSUs") calculated using the treasury stock method.

The following is a reconciliation between basic and diluted weighted average shares outstanding, as used in the calculation of earnings per share:


	Three months ended		Six months ended
(in thousands)	July 30, 2022	July 31, 2021	July 30, 2022	July 31, 2021
Weighted average basic shares outstanding	69,604	72,932	71,263	72,773
Dilutive effect of stock-based compensation awards	4,338	4,687	4,106	4,498
Weighted average diluted shares outstanding	73,942	77,619	75,369	77,271

For the three months ended July 30, 2022 and July 31, 2021, the number of shares relating to potentially dilutive stock-based compensation awards that were excluded from the computation of diluted earnings per share due to their anti-dilutive effect was 3.1 million and 2.9 million, respectively. For both the six months ended July 30, 2022 and July 31, 2021, the number of shares relating to potentially dilutive stock-based compensation awards that were excluded from the computation of diluted earnings per share due to their anti-dilutive effect was 3.0 million.