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EARNINGS PER SHARE

12 Months Ended

Feb. 01, 2020

11. EARNINGS PER SHARE

The Company’s unvested restricted stock awards contain non-forfeitable rights to dividends and meet the criteria of a participating security as defined by ASC 260, “Earnings Per Share”. In applying the two-class method, net income is allocated to both common and participating securities based on their respective weighted-average shares outstanding for the period. Basic earnings per share is computed by dividing net income allocated to common shareholders by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing income available to common shareholders by the weighted-average common shares outstanding plus the potential dilutive impact from the exercise of stock options and restricted stock units. Common equivalent shares are excluded from the computation if their effect is anti-dilutive. There were 10.6 million, 7.2 million and 5.5 million anti-dilutive shares in fiscal 2019, fiscal 2018 and fiscal 2017, respectively.

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data):


	Fiscal Year
	2019		2018		2017
Basic earnings per common share:
Net income	$	272,595	$	319,545	$	390,498
Less income related to unvested restricted shares		(318)		(595)		(1,519)
Income available to common shareholders - Basic	$	272,277	$	318,950	$	388,979

Weighted-average common shares outstanding - Basic		153,134		170,610		184,281

Basic earnings per common share	$	1.78	$	1.87	$	2.11

Diluted earnings per common share:
Net income	$	272,595	$	319,545	$	390,498
Less income related to unvested restricted shares		(317)		(593)		(1,508)
Income available to common shareholders - Diluted	$	272,278	$	318,952	$	388,990

Weighted-average common shares outstanding - Basic		153,134		170,610		184,281
Effect of dilutive stock options and restricted stock units		68		768		1,285
Weighted-average common shares outstanding - Diluted		153,202		171,378		185,566

Diluted earnings per common share	$	1.78	$	1.86	$	2.10