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Computation of Earnings Per Common Share | 9 Months Ended
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Apr. 23, 2016
Earnings Per Share [Abstract] |
Computation of Earnings Per Common Share | Computation of Earnings per Common Share The table below sets forth the computation of basic and diluted earnings per common share. Basic earnings per common share is computed based on the weighted average number of common shares outstanding during the period. Diluted earnings per common share includes the weighted average number of common shares outstanding during the period and dilutive potential common shares arising from the Company’s stock-based awards, senior convertible notes and warrants if their inclusion is dilutive under the treasury stock method. Common stock equivalents related to stock-based awards, senior convertible notes and warrants are excluded from diluted earnings per common share calculations if their effect would be anti-dilutive.
| For the Three Months Ended |  | For the Nine Months Ended
| April 23, 2016 |  | April 25, 2015 |  | April 23, 2016 |  | April 25, 2015
| (Dollars in thousands, except share amounts)
Net income available to common stockholders (numerator) | $ | 33,083 |  |  | $ | 20,258 |  |  | $ | 79,380 |  |  | $ | 50,497 |
Weighted-average number of common shares (denominator) | 32,433,560 |  |  | 34,107,262 |  |  | 32,656,490 |  |  | 34,081,381 |
Basic earnings per common share | $ | 1.02 |  |  | $ | 0.59 |  |  | $ | 2.43 |  |  | $ | 1.48 |
Weighted-average number of common shares | 32,433,560 |  |  | 34,107,262 |  |  | 32,656,490 |  |  | 34,081,381 |
Potential shares of common stock arising from stock options, and unvested restricted share units | 617,374 |  |  | 921,694 |  |  | 830,025 |  |  | 1,010,263 |
Total shares-diluted (denominator) | 33,050,934 |  |  | 35,028,956 |  |  | 33,486,515 |  |  | 35,091,644 |
Diluted earnings per common share | $ | 1.00 |  |  | $ | 0.58 |  |  | $ | 2.37 |  |  | $ | 1.44 |
The weighted-average number of common shares outstanding used in the computation of diluted earnings per common share does not include the effect of the following instruments because their inclusion would have been anti-dilutive:
| For the Three Months Ended |  | For the Nine Months Ended
| April 23, 2016 |  | April 25, 2015 |  | April 23, 2016 |  | April 25, 2015
Stock-based awards | 116,544 |  |  | 158,113 |  |  | 79,792 |  |  | 159,484 |
0.75% senior convertible notes due 2021* | 5,005,734 |  |  | — |  |  | 5,005,734 |  |  | — |
Warrants* | 5,005,734 |  |  | — |  |  | 5,005,734 |  |  | — |
Total anti-dilutive weighted shares excluded from the calculation of earnings per common share | 10,128,012 |  |  | 158,113 |  |  | 10,091,260 |  |  | 159,484 |
*See Note 10, Debt, for additional information related to the Company’s senior convertible notes and warrant transactions. Under the treasury stock method, the senior convertible notes will have a dilutive impact on earnings per common share if the Company’s average stock price for the period exceeds the conversion price for the senior convertible notes of $96.89 per share. The warrants will have a dilutive impact on earnings per common share if the Company’s average stock price for the period exceeds the warrant strike price of $130.43 per share. As the Company’s average stock price for the three and nine months ended April 23, 2016 was below the conversion price for the senior convertible notes and warrants, the underlying common shares were anti-dilutive as reflected above. In connection with the offering of the senior convertible notes, the Company entered into convertible note hedge transactions with counterparties for the purpose of reducing the potential dilution to common stockholders from the conversion of the notes and offsetting any potential cash payments in excess of the principal amount of the notes. Prior to conversion, the convertible note hedge is not included for purposes of the calculation of earnings per common share as its effect would be anti-dilutive. Upon conversion, the convertible note hedge is expected to offset the dilutive effect of the senior convertible notes when the stock price is above $96.89 per share. See Note 10, Debt, for additional information related to the Company’s convertible note hedge.

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