Earnings Per Share

3 Months Ended

May 01, 2021

Note 8—Earnings Per Share

Basic income (loss) per share is computed based upon the weighted-average number of common shares outstanding. Diluted income (loss) per share is computed based upon the weighted-average number of common shares outstanding plus the dilutive effect of common share equivalents calculated using the treasury stock method. Treasury stock is excluded from the denominator in calculating both basic and diluted income (loss) per share. For the thirteen weeks ended May 1, 2021 and May 2, 2020, 1,351,241 and 2,459,408 shares issuable for equity-based awards, respectively, were excluded from the computation of diluted income (loss) per share because the effect of their inclusion would have been anti-dilutive. In periods in which a net loss has occurred, as is the case for the thirteen weeks ended May 2, 2020, the dilutive effect of equity-based awards is not recognized and thus not utilized in the calculation of diluted loss per share, because the effect of their inclusion would have been anti-dilutive.

The following table sets forth the reconciliation of the numerator and the denominator of basic and diluted income (loss) per share for the thirteen weeks ended May 1, 2021 and May 2, 2020:

	Thirteen Weeks Ended
	May 1, 2021		May 2, 2020
	(Dollars in millions except per share data)
Net income (loss)	$	15.1	$	(23.6	)

Weighted-average common shares outstanding – Basic		38,384,718		34,902,380
Effect of dilutive stock-based awards		1,322,934		—
Weighted-average common shares outstanding – Diluted		39,707,652		34,902,380

Basic earnings per common share	$	0.39	$	(0.68	)
Diluted earnings per common share	$	0.38	$	(0.68	)