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Earnings (loss) per common share ("EPS") | 12 Months Ended
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Jan. 29, 2022
Earnings Per Share [Abstract] |
Earnings per common share (EPS) | Earnings (loss) per common share (“EPS”) Basic EPS is computed by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for the period. The computation of basic EPS is outlined in the table below:
(in millions, except per share amounts) | Fiscal 2022 |  | Fiscal 2021 |  | Fiscal 2020
Numerator: |  |  |  |  |
Net income (loss) attributable to common shareholders | $ | 735.4 |  |  | $ | (48.7) |  |  | $ | 72.6 |
Denominator: |  |  |  |  |
Weighted average common shares outstanding | 52.5 |  |  | 52.0 |  |  | 51.7 |
EPS – basic | $ | 14.01 |  |  | $ | (0.94) |  |  | $ | 1.40 |
The dilutive effect of share awards represents the potential impact of outstanding awards issued under the Company’s share-based compensation plans, including restricted shares, restricted stock units, performance-based restricted stock units, and stock options issued under the Omnibus Plan and stock options issued under the Share Saving Plans. The dilutive effect of performance share units represents the number of contingently issuable shares that would be issuable if the end of the period was the end of the contingency period and is based on the actual achievement of performance metrics through the end of the current period. The dilutive effect of preferred shares represents the potential impact for common shares that would be issued upon conversion. Potential common share dilution related to share awards and preferred shares is determined using the treasury stock and if-converted methods, respectively. Under the if-converted method, the preferred shares are assumed to be converted at the beginning of the period, and the resulting common shares are included in the denominator of the diluted EPS calculation for the entire period being presented, only in the periods in which such effect is dilutive. Additionally, in periods in which preferred shares are dilutive, cumulative dividends and accretion for issuance costs associated with the preferred shares are added back to net income (loss) attributable to common shareholders. See Note 7 for additional discussion of the Company’s preferred shares. The computation of diluted EPS is outlined in the table below:
(in millions, except per share amounts) | Fiscal 2022 |  | Fiscal 2021 |  | Fiscal 2020
Numerator: |  |  |  |  |
Net income (loss) attributable to common shareholders | $ | 735.4 |  |  | $ | (48.7) |  |  | $ | 72.6 |
Add: Dividends on preferred shares | 34.5 |  |  | — |  |  | — |
Numerator for diluted EPS | $ | 769.9 |  |  | $ | (48.7) |  |  | $ | 72.6 |
Denominator: |  |  |  |  |
Weighted average common shares outstanding | 52.5 |  |  | 52.0 |  |  | 51.7 |
Plus: Dilutive effect of share awards(1) | 2.5 |  |  | — |  |  | 0.1 |
Plus: Dilutive effect of preferred shares | 8.0 |  |  | — |  |  | — |
Diluted weighted average common shares outstanding | 63.0 |  |  | 52.0 |  |  | 51.8 |
EPS – diluted | $ | 12.22 |  |  | $ | (0.94) |  |  | $ | 1.40 |
(1) For Fiscal 2022, the estimate dilutive effect of share awards includes 2.0 million contingently issuable performance share awards. No such contingently issuable performance share awards were included in the dilutive effect for Fiscal 2021 or Fiscal 2020. The calculation of diluted EPS excludes the following items for each respective period on the basis that their effect would be anti-dilutive.
(in millions) | Fiscal 2022 |  | Fiscal 2021 |  | Fiscal 2020
Share awards | — |  |  | 1.8 |  |  | 0.9 |
Potential impact of preferred shares | — |  |  | 7.8 |  |  | 7.6 |
Potential impact of accelerated share repurchase | 0.6 |  |  | — |  |  | — |
Total anti-dilutive shares | 0.6 |  |  | 9.6 |  |  | 8.5 |

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