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Income Per Share
 9 Months Ended
Jan. 25, 2013
Income Per Share [Abstract]  
Income Per Share

Note 15.  Income Per Share

 

The following table sets forth the computation of basic and diluted net income per share of our common stock:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Thirteen Weeks Ended

 

For the Thirty-Nine Weeks Ended

 

 

January 25,

 

January 27,

 

January 25,

 

January 27,

 

 

2013

 

2012

 

2013

 

2012

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$
13,183,494 

 

$
9,502,184 

 

$
34,825,431 

 

$
25,414,512 

Add effect of Convertible Notes

 

 

 -

 

 
(5,231)

 

 

 -

 

 
71,795 

Diluted income

 

$
13,183,494 

 

$
9,496,953 

 

$
34,825,431 

 

$
25,486,307 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Basic weighted average shares outstanding

 

 
27,736,639 

 

 
27,559,729 

 

 
27,626,387 

 

 
27,912,114 

Stock options

 

 
387,794 

 

 
364,738 

 

 
419,050 

 

 
312,831 

Convertible Notes and Warrants

 

 

 -

 

 
110,048 

 

 

 -

 

 
149,839 

Diluted weighted average shares outstanding

 

 
28,124,433 

 

 
28,034,515 

 

 
28,045,437 

 

 
28,374,784 

Basic income per share

 

$
0.48 

 

$
0.34 

 

$
1.26 

 

$
0.91 

Diluted income per share

 

$
0.47 

 

$
0.34 

 

$
1.24 

 

$
0.90 

 

Antidilutive securities excluded from the computation of earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Thirteen Weeks Ended

 

For the Thirty-Nine Weeks Ended

 

 

January 25,

 

January 27,

 

January 25,

 

January 27,

 

 

2013

 

2012

 

2013

 

2012

Stock options (1)

   
23,920 

   
267,469 

 
29,951 

 
294,848 

Common stock warrants (2)

 

 -

 
3,012,050 

 
3,012,050 

 
3,012,050 

 

(1) Outstanding options to purchase common shares that are excluded from the computation of earnings per share because to include them would have been anti-dilutive.

(2)  In September 2005, in conjunction with the issuance of our Convertible Notes, we sold common stock warrants. The warrants entitled the holder to receive the net value for the purchase of 3,012,050 shares of our common stock at $50.00 per share. The warrants were settled during the quarter ended January 25, 2013. Refer to “Note 9. Warrants” for further information. The warrants were anti-dilutive for the thirty-nine weeks ended January 25, 2012 and the thirteen and thirty-nine weeks ended January 27, 2012, since the exercise price of $50.00 exceeded the average market price of our stock for these periods.