Earnings Per Share

3 Months Ended

Jan. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic earnings per share is computed by dividing net income by the weighted average number of shares outstanding during each period. Diluted earnings per share is computed similar to basic earnings per share, except that the weighted average number of shares outstanding is increased to include additional shares from the assumed exercise of stock options, performance shares and restricted stock units, if dilutive.

The following table sets forth the computation of basic and diluted earnings per share:

	Quarter Ended
In thousands, except per share amounts	January 31, 2014		January 25, 2013
Numerator:
Income from continuing operations	$	48,861	$	142,139
Loss from discontinued operations, net of income taxes	—		(2		)
Net income	$	48,861	$	142,137
Denominator:
Weighted average shares outstanding	101,796		106,242
Dilutive effect of stock options, performance shares and restricted stock units	871		995
Weighted average shares outstanding assuming dilution	102,667		107,237
Basic earnings per share:
Income from continuing operations	$	0.48	$	1.34
Loss from discontinued operations	—		—
Net income	$	0.48	$	1.34
Diluted earnings per share:
Income from continuing operations	$	0.48	$	1.33
Loss from discontinued operations	—		—
Net income	$	0.48	$	1.33

Options to purchase a weighted average of 1.5 million and 0.9 million shares were excluded from the calculations of diluted earnings per share for the quarters ended January 31, 2014 and January 25, 2013, respectively, as the effect would have been antidilutive.