Earnings Per Share

3 Months Ended

Jan. 30, 2015

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 30, 2015		January 31, 2014
Numerator:
Net income	$	23,594	$	48,861
Denominator:
Weighted average shares outstanding	97,547		101,796
Dilutive effect of stock options, performance shares and restricted stock units	591		871
Weighted average shares outstanding assuming dilution	98,138		102,667
Basic earnings per share	$	0.24	$	0.48
Diluted earnings per share	$	0.24	$	0.48

Options to purchase a weighted average of 2.3 million and 1.5 million shares were excluded from the calculations of diluted earnings per share for the quarters ended January 30, 2015 and January 31, 2014, respectively, as the effect would have been antidilutive.