Earnings Per Share

6 Months Ended

Aug. 03, 2013

Earnings Per Share [Abstract]

Earnings Per Share

Note 4.  Earnings Per Share

In accordance with 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 basic earnings per common share pursuant to the “two-class” method. For us, participating securities are comprised of unvested restricted stock awards.

Earnings per share (“EPS”) is determined using the two-class method, as it is more dilutive than the treasury stock method. Basic EPS is computed by dividing net income available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted EPS reflects the dilutive effect of potential common shares from securities such as stock options and PSUs.

The following table sets forth the computation of basic and diluted EPS shown on the face of the accompanying condensed consolidated statements of income:

	Twenty-Six Weeks Ended					Thirteen Weeks Ended
	August 3, 2013		July 28, 2012			August 3, 2013		July 28, 2012
	(dollars in thousands)
Numerator
Net income	$	94,710		$	107,040	$	43,588	$	53,395
Net income and dividends declared    allocated to unvested restricted stock		(2,612)			(1,941)		(1,284)		(1,006)
Net income available to common    shareholders	$	92,098		$	105,099	$	42,304	$	52,389
Denominator
Weighted average common shares    outstanding – basic		157,378,652			163,897,542		156,589,110		163,822,041
Dilutive effect of stock options and    PSUs outstanding		943,068			935,972		983,505		910,234
Weighted average common and    common equivalent shares    outstanding – diluted		158,321,720			164,833,514		157,572,615		164,732,275
Net income per common share:
Basic	$	0.58		$	0.64	$	0.27	$	0.32
Diluted	$	0.58		$	0.64	$	0.27	$	0.32

For the twenty-six weeks ended August 3, 2013 and July 28, 2012, stock options and performance-based restricted stock units representing, 1,095,934 and 2,829,889 shares of common stock, respectively, were excluded from the computation of diluted EPS because they were antidilutive.

For the thirteen weeks ended August 3, 2013 and July 28, 2012, stock options and performance-based restricted stock units representing 1,014,433 and 2,698,666 shares of common stock, respectively were excluded from the computation of diluted EPS because they were antidilutive.