Earnings per Share

6 Months Ended

Jul. 30, 2022

5. Earnings per Share

The following is a reconciliation between the amounts used in the calculation of basic and diluted earnings per share:


	13 Weeks Ended				26 Weeks Ended
	July 30,		July 31,		July 30,		July 31,
(In thousands)	2022		2021		2022		2021
Weighted average common shares outstanding:
Basic number of common shares outstanding		180,189		167,491		174,544		168,036
Dilutive effect of convertible notes		—		36,367		—		35,083
Dilutive effect of stock options and non-vested restricted stock		—		5,075		—		5,281
Diluted number of common shares outstanding		180,189		208,933		174,544		208,400
Anti-Dilutive Shares (1) (2)		29,221		130		38,763		130

(1)

For the 13 and 26 weeks ended July 30, 2022, there were 3.9 million and 1.9 million potentially dilutive equity awards, respectively, that were excluded from the diluted earnings per share calculation because the Company incurred a net loss for this period and their inclusion would be anti-dilutive.

(2)

For the 13 and 26 weeks ended July 30, 2022, there were 25.3 million and 36.8 million potentially dilutive shares from the Company’s 2025 Notes, respectively, that were excluded from the diluted earnings per share calculation because the Company incurred a net loss for this period and their inclusion would be anti-dilutive.

Dilutive and anti-dilutive shares relate to share-based compensation. Refer to Notes 8 and 9 to the Consolidated Financial Statements for additional information regarding the 2025 Notes and share-based compensation, respectively.

On June 3, 2022, the Company entered into an accelerated share repurchase agreement (the “ASR Agreement”) with JPMorgan Chase Bank (“JPM”). Pursuant to the terms of the ASR Agreement, on June 3, 2022, the Company paid $200.0 million in cash and received an initial delivery of 13.4 million shares of its common stock on June 3, 2022. At final settlement, on July 28, 2022, an additional 3.7 million shares were received. The cumulative repurchase under the ASR Agreement was 17.0 million shares repurchased at an average price per share of $11.75. The aforementioned shares have been recorded as treasury stock.