Earnings (Loss) Per Share

3 Months Ended

Apr. 30, 2011

Earnings (Loss) Per Share [Abstract]

8. Earnings (Loss) Per Share

Basic earnings (loss) per share is computed by dividing income (loss) available for common stockholders by the weighted average number of common shares outstanding. During periods of income, participating securities are allocated a proportional share of income determined by dividing total weighted average participating securities by the sum of the total weighted average common shares and participating securities (the “two-class method”). The Company’s nonvested stock and director restricted stock units (“RSUs”) participate in any dividends declared by the Company and are therefore considered participating securities. Participating securities have the effect of diluting both basic and diluted earnings per share during periods of income. During periods of loss, no loss is allocated to participating securities since they have no contractual obligation to share in the losses of the Company. Diluted earnings per share is computed after giving consideration to the dilutive effect of warrants, stock options and management RSUs that are outstanding during the period, except where such non-participating securities would be anti-dilutive.

Basic and diluted earnings (loss) per share from continuing operations were computed as follows:


	Thirteen Weeks Ended
	April 30,		May 1,
	2011		2010
	(In thousands, except per share data)
Basic earnings (loss) per share:
Income (loss) from continuing operations	$	908	$	(7,096	)
Less: income associated with participating securities		21		—

Income (loss) available for common stockholders	$	887	$	(7,096	)


Weighted average shares outstanding		68,709		57,873

Basic earnings (loss) per share — continuing operations	$	0.01	$	(0.12	)


	Thirteen Weeks Ended
	April 30,		May 1,
	2011		2010
	(In thousands, except per share data)
Diluted earnings (loss) per share:
Income (loss) from continuing operations	$	908	$	(7,096	)
Less: income associated with participating securities		21		—

Income (loss) available for common stockholders	$	887	$	(7,096	)


Weighted average shares outstanding		68,709		57,873
Effect of dilutive securities		567		—

Diluted weighted average shares outstanding		69,276		57,873


Diluted earnings (loss) per share — continuing operations	$	0.01	$	(0.12	)

The following common stock equivalents were excluded from the calculation of earnings (loss) per share because their inclusion would have been anti-dilutive for the thirteen weeks ended April 30, 2011 and May 1, 2010:


	Thirteen Weeks Ended
	April 30,		May 1,
	2011		2010
	(In thousands)
Nonvested stock		—		1,989
Nonvested director RSUs		—		18
Nonvested management RSUs		—		403
Stock options		5,121		8,377
Warrants		19,152		19,152

		24,273		29,939