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Earnings Per Share
 6 Months Ended
May 02, 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
 
Six Months Ended
In thousands, except per share amounts
May 2,
2014
 
April 26,
2013
 
May 2,
2014
 
April 26,
2013
Numerator:
 
 
 
 
 
 
 
Income from continuing operations
$
73,951

 
$
181,779

 
$
122,812

 
$
323,918

Loss from discontinued operations, net of income taxes
—

 
(223
)
 
—

 
(225
)
Net income
$
73,951

 
$
181,556

 
$
122,812

 
$
323,693

Denominator:
 
 
 
 
 
 
 
Weighted average shares outstanding
100,346

 
106,426

 
101,071

 
106,334

Dilutive effect of stock options, performance shares and restricted stock units
857

 
987

 
864

 
991

Weighted average shares outstanding assuming dilution
101,203

 
107,413

 
101,935

 
107,325

Basic earnings per share:
 
 
 
 
 
 
 
Income from continuing operations
$
0.74

 
$
1.71

 
$
1.22

 
$
3.05

Loss from discontinued operations
—

 
—

 
—

 
—

Net income
$
0.74

 
$
1.71

 
$
1.22

 
$
3.05

Diluted earnings per share:
 
 
 
 
 
 
 
Income from continuing operations
$
0.73

 
$
1.69

 
$
1.20

 
$
3.02

Loss from discontinued operations
—

 
—

 
—

 
—

Net income
$
0.73

 
$
1.69

 
$
1.20

 
$
3.02


Options to purchase a weighted average of 2.1 million and 1.5 million shares were excluded from the calculations of diluted earnings per share for the quarters ended May 2, 2014 and April 26, 2013, respectively, as the effect would have been antidilutive. Options to purchase a weighted average of 1.8 million and 1.2 million shares were excluded from the calculations of diluted earnings per share for the six months ended May 2, 2014 and April 26, 2013, respectively, as the effect would have been antidilutive.