Annual report pursuant to section 13 and 15(d)

Earnings per Share

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Earnings per Share
12 Months Ended
Jan. 28, 2012
Earnings per Share [Abstract]  
EARNINGS PER SHARE
3.

EARNINGS PER SHARE

We calculate earnings per common share attributable to common shareholders using the two-class method in accordance with the guidance for determination of whether instruments granted in share-based payment transactions are participating securities. Our unvested restricted stock and deferred stock units contain rights to receive nonforfeitable dividends, and thus are participating securities requiring the two-class method of computing earnings per common share attributable to common shareholders. The two-class method is an earnings allocation formula that determines earnings per common share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings.

 

Basic earnings per common share attributable to common shareholders is determined using the two-class method and is computed by dividing net earnings attributable to common shareholders by the weighted-average common shares outstanding during the period. Diluted earnings per common share attributable to common shareholders reflects the more dilutive earnings per common share amount calculated using the treasury stock method or the two-class method.

The following table sets forth the computation of basic and diluted earnings per common share attributable to common shareholders (in thousands, except per share amounts). Basic and diluted earnings per common share attributable to common shareholders are computed using the actual net earnings available to common shareholders and the actual weighted-average common shares outstanding rather than the rounded numbers presented within our consolidated statement of earnings and the accompanying notes. As a result, it may not be possible to recalculate earnings per common share attributable to common shareholders in our consolidated statement of earnings and the accompanying notes.

 

                         
    Fiscal Year  
    2011     2010     2009  

Numerator

                       

Total net earnings attributable to common shareholders

  $ 120,601     $ 67,697     $ 46,215  

Net earnings allocated to participating securities (restricted stock and deferred stock units)

    (1,479     (624     (457
   

 

 

   

 

 

   

 

 

 

Net earnings attributable to common shareholders

  $ 119,122     $ 67,073     $ 45,758  
   

 

 

   

 

 

   

 

 

 

Denominator

                       

Basic weighted average common shares outstanding

    51,423       52,647       52,130  

Effect of dilutive securities:

                       

Stock options and equity-based compensation

    269       206       150  
   

 

 

   

 

 

   

 

 

 

Diluted weighted average common shares outstanding

    51,692       52,853       52,280  
   

 

 

   

 

 

   

 

 

 

Net earnings per common share attributable to common shareholders:

                       

Basic

  $ 2.32     $ 1.27     $ 0.88  
   

 

 

   

 

 

   

 

 

 

Diluted

  $ 2.30     $ 1.27     $ 0.88  
   

 

 

   

 

 

   

 

 

 

For fiscal 2011, 2010, and 2009, 0.4, 0.8 and 1.0 million anti-dilutive stock options were excluded from the calculation of diluted earnings per common share attributable to common shareholders, respectively.