(Loss) Earnings Per Share

9 Months Ended

Oct. 29, 2011

(Loss) Earnings Per Share

9. (Loss) Earnings Per Share

Basic (loss) earnings per share is computed by dividing (loss) income 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 (loss) earnings per share from continuing operations were computed as follows:

	Thirteen Weeks Ended					Thirty-Nine Weeks Ended
	October 29,			October 30,		October 29,			October 30,
	2011			2010		2011			2010
	(In thousands, except per share data)
Basic (loss) earnings per share:
(Loss) income from continuing operations	$	(22,142	)	$	16,974	$	(58,588	)	$	10,399
Less: income associated with participating securities		—			489		—			311
(Loss) income available for common stockholders	$	(22,142	)	$	16,485	$	(58,588	)	$	10,088
Weighted average shares outstanding		69,106			68,424		68,963			64,878
Basic (loss) earnings per share — continuing operations	$	(0.32	)	$	0.24	$	(0.85	)	$	0.16

	Thirteen Weeks Ended					Thirty-Nine Weeks Ended
	October 29,			October 30,		October 29,			October 30,
	2011			2010		2011			2010
	(In thousands, except per share data)
Diluted (loss) earnings per share:
(Loss) income from continuing operations	$	(22,142	)	$	16,974	$	(58,588	)	$	10,399
Less: income associated with participating securities		—			482		—			306
(Loss) income available for common stockholders	$	(22,142	)	$	16,492	$	(58,588	)	$	10,093
Weighted average shares outstanding		69,106			68,424		68,963			64,878
Effect of dilutive securities		—			1,018		—			1,130
Diluted weighted average shares outstanding		69,106			69,442		68,963			66,008
Diluted (loss) earnings per share — continuing operations	$	(0.32	)	$	0.24	$	(0.85	)	$	0.15

The following common stock equivalents were excluded from the calculation of (loss) earnings per share because their inclusion would have been anti-dilutive for the thirteen and thirty-nine week periods ended October 29, 2011 and October 30, 2010:

	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	October 29,		October 30,		October 29,		October 30,
	2011		2010		2011		2010
			(In thousands)
Nonvested stock		1,454		—		1,454		—
Nonvested director RSUs		42		—		42		—
Stock options		5,355		5,681		5,355		5,681
Warrants		19,152		18,243		19,152		18,243
		26,003		23,924		26,003		23,924