Income per Share

3 Months Ended

Jul. 26, 2013

Income Per Share [Abstract]

Income Per Share

Note 12.  Income Per Share

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

	For the Thirteen Weeks Ended
	July 26, 2013		July 27, 2012
Numerator:
Net income	$	8,673,926	$	8,075,033
Denominator:
Basic weighted average shares outstanding		27,513,191		27,493,419
Add effects of stock options		332,304		443,818
Diluted weighted average shares outstanding		27,845,495		27,937,237
Basic income per share	$	0.32	$	0.29
Diluted income per share	$	0.31	$	0.29

Anti-dilutive securities excluded from the computation of earnings per share:

	For the Thirteen Weeks Ended
	July 26, 2013	July 27, 2012
Stock options (1)	58,658	163,776
Restricted stock units (2)	-	57,341
Warrants (3)	-	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⁾ Restricted stock units that were non-participatory and were contingently issuable based on performance for all or part of the period were excluded from the basic earnings per share and included in dilutive earnings per share.

⁽³⁾ In conjunction with our Convertible Notes issuance in September 2005, we sold common stock warrants at an exercise price of $50.00 per share. The warrants were anti-dilutive for the thirteen weeks ended July 27, 2012 because the exercise price of the warrants exceeded the average market price during this period. The warrants were settled during the quarter ended January 25, 2013.