Net Income Per Share

3 Months Ended

May 03, 2025

9. Net Income Per Share

Basic net income per share is calculated by dividing net income by the weighted-average number of common shares outstanding. Diluted net income per share is calculated by dividing net income by the weighted-average number of common shares and potentially dilutive securities outstanding during the period using the treasury stock method for the Company’s stock-based

compensation grants and the if-converted method for the 2025 Convertible Notes and the 2027 Convertible Notes. The following table presents the computation of basic and diluted net income per share:


	(in thousands, except per share data)
	Three Months Ended

	May 3,		May 4,
	2025		2024
Basic net income per share
Net income	$	100,833	$	78,514
Weighted average number of common shares – basic		63,088		63,871
Net income per common share – basic	$	1.60	$	1.23
Diluted net income per share
Net income	$	100,833	$	78,514
Shares for basic and diluted net income per share:
Weighted average number of common shares – basic		63,088		63,871
Assumed exercise of stock options and vesting of restricted stock		660		396
Assumed conversion of convertible debt		257		—
Weighted average number of common shares – diluted		64,005		64,267
Net income per common share – diluted	$	1.58	$	1.22

Approximately 208,000 shares of the Company’s stock-based compensation grants were excluded from diluted net income per share for the three month period ended May 3, 2025, since their effect was anti-dilutive.

Approximately 771,000 shares related to the Company’s stock-based compensation grants were excluded from diluted net income per share for the three month period ended May 4, 2024, since their effect was anti-dilutive.