Earnings Per Share

3 Months Ended

Jan. 29, 2016

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

Basic (loss) 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 29, 2016			January 30, 2015
Numerator:
Net (loss) income	$	(40,221	)	$	30,525
Denominator:
Weighted average shares outstanding	97,851			97,547
Dilutive effect of stock options, performance shares and restricted stock units	—			591
Weighted average shares outstanding assuming dilution	97,851			98,138
Basic (loss) earnings per share	$	(0.41	)	$	0.31
Diluted (loss) earnings per share	$	(0.41	)	$	0.31

In the first quarter of fiscal 2016, the computation of weighted average shares outstanding assuming dilution does not include the effect of stock options, performance shares and restricted stock units because a loss from continuing operations existed and thus the result would have been antidilutive. Weighted average shares outstanding therefore excludes 5.3 million shares for these antidilutive items.

Options to purchase a weighted average of 2.3 million shares were excluded from the calculation of diluted earnings per share for the quarter ended January 30, 2015, as the effect would have been antidilutive.