Earnings Per Share

9 Months Ended

Jul. 31, 2015

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				Nine Months Ended
In thousands, except per share amounts	July 31, 2015		August 1, 2014		July 31, 2015		August 1, 2014
Numerator:
Net income	$	44,885	$	71,289	$	107,192	$	194,101
Denominator:
Weighted average shares outstanding	97,480		99,856		97,481		100,666
Dilutive effect of stock options, performance shares and restricted stock units	553		882		571		870
Weighted average shares outstanding assuming dilution	98,033		100,738		98,052		101,536

Basic earnings per share	$	0.46	$	0.71	$	1.10	$	1.93
Diluted earnings per share	$	0.46	$	0.71	$	1.09	$	1.91

Options to purchase a weighted average of 2.7 million and 1.7 million shares were excluded from the calculations of diluted earnings per share for the quarters ended July 31, 2015 and August 1, 2014, respectively, as the effect would have been antidilutive. Options to purchase a weighted average of 2.6 million and 1.8 million shares were excluded from the calculations of diluted earnings per share for the nine months ended July 31, 2015 and August 1, 2014, respectively, as the effect would have been antidilutive.