NET INCOME PER COMMON SHARE

6 Months Ended

Jul. 29, 2012

Notes to Financial Statements [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:

	Thirteen Weeks Ended						Twenty-Six Weeks Ended
	7/29/12			7/31/11			7/29/12			7/31/11
Net income	$	87,702		$	66,729		$	180,816		$	124,396
Less:
Common stock dividends paid to holders of Series A convertible preferred stock	—			—			(209		)	(314		)
Allocation of income to Series A convertible preferred stock	(2,529		)	(3,920		)	(6,760		)	(7,008		)
Net income available to common stockholders for basic net income per common share	85,173			62,809			173,847			117,074
Add back:
Common stock dividends paid to holders of Series A convertible preferred stock	—			—			209			314
Allocation of income to Series A convertible preferred stock	2,529			3,920			6,760			7,008
Net income available to common stockholders for diluted net income per common share	$	87,702		$	66,729		$	180,816		$	124,396
Weighted average common shares outstanding for basic net income per common share	70,403			67,129			69,471			66,964
Weighted average impact of dilutive securities	1,105			1,551			1,346			1,578
Weighted average impact of assumed convertible preferred stock conversion	2,095			4,189			2,785			4,189
Total shares for diluted net income per common share	73,603			72,869			73,602			72,731
Basic net income per common share	$	1.21		$	0.94		$	2.50		$	1.75
Diluted net income per common share	$	1.19		$	0.92		$	2.46		$	1.71

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

	Thirteen Weeks Ended		Twenty-Six Weeks Ended
	7/29/12	7/31/11	7/29/12	7/31/11
Weighted average potentially dilutive securities	466	396	360	320

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 July 29, 2012 and July 31, 2011 and, therefore, were excluded from the calculation of diluted net income per common share for the twenty-six weeks endedJuly 29, 2012 and July 31, 2011. The maximum number of potentially dilutive shares that could be issued upon vesting for such awards was 678 and 657 as of July 29, 2012 and July 31, 2011, respectively. These amounts were also excluded from the computation of weighted average antidilutive securities.