Earnings per Share

12 Months Ended

Apr. 25, 2015

Earnings per Share

Earnings per Share

Note 18: Earnings per Share

Certain share-based payment awards that entitle their holders to receive non-forfeitable dividends prior to vesting are considered participating securities. We grant restricted stock awards that contain non-forfeitable rights to dividends on unvested shares, and we are required to include these participating securities in calculating our basic earnings per common share, using the two-class method.

The following is a reconciliation of the numerators and denominators we used in our computations of basic and diluted earnings per share:

	Year Ended
(Amounts in thousands)	4/25/2015			4/26/2014			4/27/2013
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	70,773		$	55,056		$	46,389
Income allocated to participating securities		(395	)		(422	)		(639	)
Net income available to common shareholders	$	70,378		$	54,634		$	45,750

	Year Ended
(Amounts in thousands)	4/25/2015		4/26/2014		4/27/2013
Denominator:
Basic weighted average common shares outstanding		51,767		52,386		52,351
Add:
Contingent common shares		250		1,049		812
Stock option dilution		329		394		522
Diluted weighted average common shares outstanding		52,346		53,829		53,685

The above values for contingent common shares reflect the dilutive effect of common shares that we would have issued to employees under the terms of performance-based share awards if the relevant performance period for the award had been the reporting period.

We did not exclude any outstanding options from the diluted share calculation for the fiscal years ended April 25, 2015 and April 26, 2014. We had outstanding options to purchase 0.2 million shares for the year ended April 27, 2013 with a weighted average exercise price of $20.74. We excluded the effect of these options from the diluted share calculation since, for the period presented, the weighted average exercise price of the options was higher than the average market price, and including the options' effect would have been anti-dilutive.