Earnings Per Share

9 Months Ended

Aug. 01, 2020

The Company utilized the two-class method for calculating earnings per share because certain restricted stock awards granted were participating securities containing non-forfeitable rights to receive dividend equivalents. Under the two-class method, a portion of net income is allocated to these participating securities and therefore is excluded from the calculation of earnings per share allocated to common stock. The following table sets forth the computation of basic and diluted earnings per share:


	Three Months Ended						Nine Months Ended
	August 1, 2020		August 3, 2019		August 1, 2020		August 3, 2019
Net Income	$	362,665	$	362,374	$	834,235	$	1,085,317
Less: income allocated to participating securities*	—		812		—		2,750
Net income allocated to common stockholders	$	362,665	$	361,562	$	834,235	$	1,082,567

Basic shares:
Weighted-average shares outstanding	368,791		369,533		368,417		369,160
Earnings per common share basic:	$	0.98	$	0.98	$	2.26	$	2.93
Diluted shares:
Weighted-average shares outstanding	368,791		369,533		368,417		369,160
Assumed exercise of common stock equivalents	3,212		3,544		3,440		3,807
Weighted-average common and common equivalent shares	372,003		373,077		371,857		372,967
Earnings per common share diluted:	$	0.97	$	0.97	$	2.24	$	2.90
Anti-dilutive shares related to:
Outstanding stock-based awards	384		446		487		963
*The amounts in the three-month and nine-month periods ended August 1, 2020 are not material.