Earnings Per Share

9 Months Ended

Oct. 29, 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		Nine months ended
(in thousands)	October 29, 2022	October 30, 2021	October 29, 2022	October 30, 2021
Weighted average basic shares outstanding	64,245	73,191	68,924	72,911
Dilutive effect of stock-based compensation awards	4,895	3,944	4,363	4,305
Weighted average diluted shares outstanding	69,140	77,135	73,287	77,216

For the three months ended October 29, 2022 and October 30, 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 2.7 million and 3.6 million, respectively. For the nine months ended October 29, 2022 and October 30, 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 2.8 million and 3.0 million, respectively.