Earnings Per Share - Notes to Financial Statements

3 Months Ended

Oct. 27, 2012

Earnings Per Share Disclosure [Abstract]

Earnings Per Share

NOTE 2 - EARNINGS PER SHARE:

ASC 260 – Earnings Per Share requires dual presentation of basic and diluted Earnings Per Share (“EPS”) on the face of all income statements for all entities with complex capital structures. The Company has presented one basic EPS and one diluted EPS amount for all common shares in the accompanying Condensed Consolidated Statements of Income and Comprehensive Income. While the Company's certificate of incorporation provides the right for the Board of Directors to declare dividends on Class A shares without declaration of commensurate dividends on Class B shares, the Company has historically paid the same dividends to both Class A and Class B shareholders and the Board of Directors has resolved to continue this practice. Accordingly, the Company's allocation of income for purposes of the EPS computation is the same for Class A and Class B shares and the EPS amounts reported herein are applicable to both Class A and Class B shares.

Basic EPS is computed as net income less earnings allocated to non-vested equity awards divided by the weighted average number of common shares outstanding for the period. Diluted EPS reflects the potential dilution that could occur from common shares issuable through stock options and the Employee Stock Purchase Plan.

			Three Months Ended				Nine Months Ended
		October 27, 2012		October 29, 2011		October 27, 2012		October 29, 2011
		(Dollars in thousands, except share and per share data)
Numerator
	Net earnings	$	4,669	$	6,105	$	53,724	$	54,729
	Earnings allocated to non-vested equity awards		(68)		(95)		(830)		(894)
	Net earnings available to common stockholders	$	4,601	$	6,010	$	52,894	$	53,835
Denominator
	Basic weighted average common shares outstanding		28,822,403		28,851,509		28,780,682		28,936,177
	Dilutive effect of stock options		3,875		5,368		3,779		6,644
	Diluted weighted average common shares outstanding		28,826,278		28,856,877		28,784,461		28,942,821
Net income per common share
	Basic earnings per share	$	0.16	$	0.21	$	1.84	$	1.86
	Diluted earnings per share	$	0.16	$	0.21	$	1.84	$	1.86