NET INCOME (LOSS) PER COMMON SHARE

6 Months Ended

Jul. 31, 2011

Notes to Financial Statements [Abstract]

NET INCOME (LOSS) PER COMMON SHARE

NET INCOME (LOSS) PER COMMON SHARE

The Company utilizes the two-class method of calculating basic net income (loss) per common share, as holders of the Company’s Series A convertible preferred stock participate in dividends with holders of the Company’s common stock. Net losses are not allocated to holders of the Series A convertible preferred stock.

The Company computed its basic and diluted net income (loss) per common share as follows:

	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	7/31/11			8/1/10			7/31/11			8/1/10
Net income (loss)	$	66,729		$	(70,624	)	$	124,396		$	(98,237	)
Less:
Common stock dividends paid to holders of Series A convertible preferred stock	—			(157		)	(314		)	(157		)
Allocation of income to Series A convertible preferred stock	(3,920		)	—			(7,008		)	—
Net income (loss) available to common stockholders for basic net income (loss) per common share	62,809			(70,781		)	117,074			(98,394		)
Add back:
Common stock dividends paid to holders of Series A convertible preferred stock	—			—			314			—
Allocation of income to Series A convertible preferred stock	3,920			—			7,008			—
Net income (loss) available to common stockholders for diluted net income (loss) per common share	$	66,729		$	(70,781	)	$	124,396		$	(98,394	)
Weighted average common shares outstanding for basic net income (loss) per common share	67,129			65,875			66,964			59,077
Weighted average impact of dilutive securities	1,551			—			1,578			—
Weighted average impact of assumed convertible preferred stock conversion	4,189			—			4,189			—
Total shares for diluted net income (loss) per common share	72,869			65,875			72,731			59,077
Basic net income (loss) per common share	$	0.94		$	(1.07	)	$	1.75		$	(1.67	)
Diluted net income (loss) per common share	$	0.92		$	(1.07	)	$	1.71		$	(1.67	)

Potentially dilutive securities excluded from the calculation of diluted net income (loss) per common share were as follows:

	Thirteen Weeks Ended		Twenty-Six Weeks Ended
	7/31/11	8/1/10	7/31/11	8/1/10
Weighted average antidilutive securities	396	4,565	320	4,588

Contingently issuable shares that have not met the necessary conditions as of the end of a reporting period are not included in the calculation of diluted net income (loss) per common share for that period. The Company had contingently issuable awards outstanding that did not meet the performance conditions as of July 31, 2011 and August 1, 2010 and, therefore, were excluded from the calculation of diluted net income (loss) per common share for the thirteen and twenty-six weeks ended July 31, 2011 and August 1, 2010. The maximum number of potentially dilutive shares that could be issued upon vesting for such awards was 657 and 700 as of July 31, 2011 and August 1, 2010, respectively. These amounts were also excluded from the computation of weighted average antidilutive securities. Conversion of the Series A convertible preferred stock into 4,051 and 2,026 weighted average common shares outstanding for the thirteen and twenty-six weeks ended August 1, 2010, respectively, was not assumed because the inclusion thereof would have been antidilutive. These amounts were also excluded from the computation of weighted average antidilutive securities.