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Computation of Earnings Per Common Share | 6 Months Ended
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Jan. 27, 2018
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):
| Six Months Ended |  | Fiscal Year Ended
| January 27, 2018 |  | July 29, 2017 |  | July 30, 2016 |  | July 25, 2015
Net income available to common stockholders (numerator) | $ | 68,835 |  |  | $ | 157,217 |  |  | $ | 128,740 |  |  | $ | 84,324 |
Weighted-average number of common shares (denominator) | 31,059,140 |  |  | 31,351,367 |  |  | 32,315,636 |  |  | 34,045,481 |
Basic earnings per common share | $ | 2.22 |  |  | $ | 5.01 |  |  | $ | 3.98 |  |  | $ | 2.48 |
Weighted-average number of common shares | 31,059,140 |  |  | 31,351,367 |  |  | 32,315,636 |  |  | 34,045,481 |
Potential shares of common stock arising from stock options, and unvested restricted share units(1) | 778,411 |  |  | 633,364 |  |  | 800,119 |  |  | 981,207 |
Potential shares of common stock issuable on conversion of 0.75% convertible senior notes due 2021(2) | 217,394 |  |  | — |  |  | — |  |  | — |
Total shares-diluted (denominator) | 32,054,945 |  |  | 31,984,731 |  |  | 33,115,755 |  |  | 35,026,688 |
Diluted earnings per common share | $ | 2.15 |  |  | $ | 4.92 |  |  | $ | 3.89 |  |  | $ | 2.41 |
Anti-dilutive weighted shares excluded from the calculation of earnings per common share:
Stock-based awards | 93,117 |  |  | 73,830 |  |  | 65,514 |  |  | 103,896 |
0.75% convertible senior notes due 2021 | 4,788,340 |  |  | 5,005,734 |  |  | 5,005,734 |  |  | — |
Warrants | 5,005,734 |  |  | 5,005,734 |  |  | 5,005,734 |  |  | — |
Total | 9,887,191 |  |  | 10,085,298 |  |  | 10,076,982 |  |  | 103,896 |
(1) As discussed in Note 1, Basis of Presentation and Accounting Policies, the Company has adopted ASU 2016-09. The amended guidance changed the treatment of windfalls (or shortfalls) arising from the vesting and exercise of share-based awards. Prior to ASU 2016-09, these amounts were recorded as an adjustment to additional paid-in capital. With the adoption of ASU 2016-09, these amounts are now included in the Company’s provision for income taxes. Because windfalls are no longer recognized in additional paid-in capital, the amount is excluded from the hypothetical proceeds used to repurchase shares when computing diluted earnings per common share under the treasury stock method. As a result of the amended guidance, diluted shares increased by approximately 177,575 shares during the six months ended January 27, 2018. (2) 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 associated with the Company’s 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 warrant strike price of $130.43 per share. During the second quarter of the 2018 transition period, the Company’s average stock price of $106.11 exceeded the conversion price for the convertible senior notes. As a result, shares presumed to be issuable under the convertible senior notes that were dilutive during the period are included in the calculation of diluted earnings per share for the six months ended January 27, 2018. As the Company’s average stock price did not exceed the strike price for the warrants, the underlying common shares were anti-dilutive as reflected in the table above. 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 11, Debt, for additional information related to the Company’s convertible senior notes, warrant transactions, and hedge transactions.

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