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Earnings Per Common Share | 12 Months Ended
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Feb. 01, 2025
Earnings Per Share [Abstract] |
Earnings Per Common Share | Earnings per Common Share The computations for basic and diluted earnings per common share were as follows for the fiscal years presented below (in thousands, except per share data):
| 2024 |  | 2023 |  | 2022
Numerator: |  |  |  |  |
Net income for earnings per common share – basic | $ | 1,165,308 |  |  | $ | 1,046,519 |  |  | $ | 1,043,138 |
Effect of dilutive securities |  |  |  |  |
Interest expense associated with Convertible Senior Notes, net of tax | — |  |  | 337 |  |  | 27,060 |
Net income for earnings per common share – diluted | $ | 1,165,308 |  |  | $ | 1,046,856 |  |  | $ | 1,070,198 |
Denominator: |  |  |  |  |
Weighted average common shares outstanding – basic | 80,468 |  |  | 82,302 |  |  | 77,672 |
Dilutive effect of stock-based awards | 2,461 |  |  | 2,977 |  |  | 5,235 |
Dilutive effect of warrants | — |  |  | 254 |  |  | 5,575 |
Dilutive effect of Convertible Senior Notes | — |  |  | 392 |  |  | 10,792 |
Weighted average common shares outstanding – diluted | 82,929 |  |  | 85,925 |  |  | 99,274 |
Earnings per common share: |  |  |  |  |
Basic | $ | 14.48 |  |  | $ | 12.72 |  |  | $ | 13.43 |
Diluted | $ | 14.05 |  |  | $ | 12.18 |  |  | $ | 10.78 |
Stock-based awards excluded from diluted shares | 18 |  |  | 186 |  |  | 140 |
The dilutive effect of the Convertible Senior Notes included shares that were designed to be offset at settlement by shares delivered from the bond hedge purchased by the Company. The shares provided by the bond hedge were anti-dilutive; accordingly, they were not treated as a reduction to diluted weighted average shares outstanding until received at settlement. In addition, the dilutive effect of the Convertible Senior Notes included shares related to the outstanding principal amount of the Convertible Senior Notes. Although the Company was required to assume that the Convertible Senior Notes would be settled in shares of its common stock in accordance with the “if-converted method” under U.S. GAAP, the Company settled the Convertible Senior Notes without dilutive effect, due to cash payments for principal, shares received from the convertible bond hedge and share repurchases to offset the share settlement of the remaining $59.1 million of principal during fiscal 2023. Refer to Note 10 – Convertible Senior Notes for further information.

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