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Computation of Earnings Per Common Share | 6 Months Ended
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Jan. 28, 2017
Earnings Per Share [Abstract] |
Computation of Earnings Per Common Share | Computation of Earnings per Common Share The following table sets forth the computation of basic and diluted earnings per common share (dollars in thousands, except per share amounts):
|  | For the Three Months Ended |  | For the Six Months Ended
|  | January 28, 2017 |  | January 23, 2016 |  | January 28, 2017 |  | January 23, 2016
Net income available to common stockholders (numerator) |  | $ | 23,663 |  |  | $ | 15,473 |  |  | $ | 74,713 |  |  | $ | 46,297 |
Weighted-average number of common shares (denominator) |  | 31,531,834 |  |  | 32,662,942 |  |  | 31,480,660 |  |  | 32,767,088 |
Basic earnings per common share |  | $ | 0.75 |  |  | $ | 0.47 |  |  | $ | 2.37 |  |  | $ | 1.41 |
Weighted-average number of common shares |  | 31,531,834 |  |  | 32,662,942 |  |  | 31,480,660 |  |  | 32,767,088 |
Potential shares of common stock arising from stock options, and unvested restricted share units |  | 629,732 |  |  | 857,194 |  |  | 700,263 |  |  | 936,350 |
Total shares-diluted (denominator) |  | 32,161,566 |  |  | 33,520,136 |  |  | 32,180,923 |  |  | 33,703,438 |
Diluted earnings per common share |  | $ | 0.74 |  |  | $ | 0.46 |  |  | $ | 2.32 |  |  | $ | 1.37 |
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 Six Months Ended
|  | January 28, 2017 |  | January 23, 2016 |  | January 28, 2017 |  | January 23, 2016
Stock-based awards |  | 58,750 |  |  | 63,357 |  |  | 50,355 |  |  | 61,481 |
0.75% convertible senior notes due 2021 |  | 5,005,734 |  |  | 5,005,734 |  |  | 5,005,734 |  |  | 5,005,734 |
Warrants |  | 5,005,734 |  |  | 5,005,734 |  |  | 5,005,734 |  |  | 5,005,734 |
Total anti-dilutive weighted shares excluded from the calculation of earnings per common share |  | 10,070,218 |  |  | 10,074,825 |  |  | 10,061,823 |  |  | 10,072,949 |
Under the treasury stock method, the convertible senior 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 convertible senior 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 six months ended January 28, 2017 was below the conversion price for the convertible senior notes and the strike price for the warrants, the underlying common shares were anti-dilutive as reflected above. See Note 10, Debt, for additional information related to the Company’s convertible senior notes and warrant transactions. In connection with the offering of the convertible senior 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 convertible senior notes when the average stock price for the period 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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