Income (Loss) Per Share

6 Months Ended

Jul. 31, 2021

INCOME (LOSS) PER SHARE

In accordance with relevant accounting guidance, unvested share-based payment awards that include non-forfeitable rights to dividends, whether paid or unpaid, are considered participating securities. As a result, such awards are required to be included in the calculation of income (loss) per common share pursuant to the "two-class" method. For the Company, participating securities are comprised entirely of unvested restricted stock awards granted prior to fiscal 2020.

Net income (loss) per share is determined using the two-class method when it is more dilutive than the treasury stock method. Basic net income (loss) per share is computed by dividing net income (loss) available to common shareholders by the weighted-average number of common shares outstanding during the period, including participating securities. Diluted net income (loss) per share reflects the dilutive effect of potential common shares from non-participating securities such as restricted stock awards granted after fiscal 2019, stock options, PSUs and restricted stock units.

The following table sets forth the computation of net income (loss) per basic and diluted share shown on the face of the accompanying condensed consolidated statements of income (loss):


	Thirteen Weeks Ended				Twenty-Six Weeks Ended
	July 31, 2021		August 1, 2020		July 31, 2021		August 1, 2020

Numerator
Net income (loss)	$	26,187	$	(46,845)	$	17,258	$	(225,135)
Net income and dividends declared allocated to participating securities	(235)		—		(171)		(193)
Net income (loss) available to common shareholders	$	25,952	$	(46,845)	$	17,087	$	(225,328)
Denominator
Weighted average common shares outstanding – basic	117,020,528		115,912,031		116,854,969		115,743,004
Dilutive effect of non-participating securities	5,702,930		—		4,366,689		—
Weighted average common and common equivalent shares outstanding – diluted	122,723,458		115,912,031		121,221,658		115,743,004
Net income (loss) per common share:
Basic	$	0.22	$	(0.40)	$	0.15	$	(1.95)
Diluted	$	0.21	$	(0.40)	$	0.14	$	(1.95)

For the thirteen weeks ended July 31, 2021 and August 1, 2020, 0.1 million and 2.6 million potential shares of common stock, respectively, were excluded from the diluted income (loss) per common share calculation relating to non-participating securities, because the effect of including these potential shares was antidilutive.

For the twenty-six weeks ended July 31, 2021 and August 1, 2020, 0.1 million and 2.6 million potential shares of common stock, respectively, were excluded from the diluted income (loss) per common share calculation relating to non-participating securities, because the effect of including these potential shares was antidilutive.