NET INCOME PER COMMON SHARE

12 Months Ended

Jan. 29, 2012

Earnings Per Share [Abstract]

NET INCOME PER COMMON SHARE

NET INCOME PER COMMON SHARE

The Company utilizes the two-class method of calculating basic net income 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 per common share as follows:

	2011			2010			2009
Net income	$	317,881		$	53,805		$	161,910
Less:
Common stock dividends paid to holders of Series A convertible preferred stock	(628		)	(471		)	—
Allocation of income to Series A convertible preferred stock	(18,034		)	(2,071		)	—
Net income available to common stockholders for basic net income per common share	299,219			51,263			161,910
Add back:
Common stock dividends paid to holders of Series A convertible preferred stock	628			471			—
Allocation of income to Series A convertible preferred stock	18,034			2,071			—
Net income available to common stockholders for diluted net income per common share	$	317,881		$	53,805		$	161,910
Weighted average common shares outstanding for basic net income per common share	67,158			62,744			51,639
Weighted average impact of dilutive securities	1,576			1,455			813
Weighted average impact of dilutive warrant	—			72			54
Weighted average impact of assumed convertible preferred stock conversion	4,189			3,107			—
Total shares for diluted net income per common share	72,923			67,378			52,506
Basic net income per common share	$	4.46		$	0.82		$	3.14
Diluted net income per common share	$	4.36		$	0.80		$	3.08

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

	2011	2010	2009
Weighted average potentially dilutive securities	345	287	1,578

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 per common share for that period. The Company had contingently issuable awards outstanding that did not meet the performance conditions as of January 29, 2012, January 30, 2011 and January 31, 2010 and, therefore, were excluded from the calculation of diluted net income per common share for each applicable year. The maximum number of potentially dilutive shares that could be issued upon vesting for such awards was 590, 611 and 89 as of January 29, 2012, January 30, 2011 and January 31, 2010, respectively. These amounts were also excluded from the computation of weighted average antidilutive securities.