EARNINGS PER SHARE

12 Months Ended

Jan. 28, 2012

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 12—EARNINGS PER SHARE

        Basic earnings per share is based on net earnings divided by the weighted average number of shares outstanding during the period. The following schedule presents the calculation of basic and diluted earnings per share for earnings from continuing operations:

		Year Ended
	(dollar amounts in thousands, except per share amounts)	January 28, 2012			January 29, 2011			January 30, 2010
(a)	Earnings from continuing operations before discontinued operations	$	29,128		$	37,171		$	24,113
	Loss from discontinued operations, net of tax benefit of $(121), $(291) and $(580)		(225	)		(540	)		(1,077	)
	Net earnings	$	28,903		$	36,631		$	23,036
(b)	Basic average number of common shares outstanding during period		52,958			52,677			52,397
	Common shares assumed issued upon exercise of dilutive stock options, net of assumed repurchase, at the average market price		673			485			270
(c)	Diluted average number of common shares assumed outstanding during period		53,631			53,162			52,667
	Basic earnings per share:
	Earnings from continuing operations (a/b)	$	0.55		$	0.71		$	0.46
	Discontinued operations, net of tax		(0.01	)		(0.01	)		(0.02	)
	Basic earnings per share	$	0.54		$	0.70		$	0.44
	Diluted earnings per share:
	Earnings from continuing operations (a/c)	$	0.54		$	0.70		$	0.46
	Discontinued operations, net of tax		—			(0.01	)		(0.02	)
	Diluted earnings per share	$	0.54		$	0.69		$	0.44

        Certain stock options were excluded from the calculations of diluted earnings per share because their exercise prices were greater than the average market price of the common shares for the period then ended and therefore would be anti-dilutive. The total number of such shares excluded from the diluted earnings per share calculation were 870,000, 978,000 and 1,125,000 as of January 28, 2012, January 29, 2011, and January 30, 2010, respectively.