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Earnings per Share | 6 Months Ended
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Jul. 29, 2023
Earnings Per Share [Abstract] |
Earnings per Share | 5. Earnings per Share The following is a reconciliation between basic and diluted weighted average shares outstanding:
|  | 13 Weeks Ended |  |  | 26 Weeks Ended |
(In thousands) |  | July 29, 2023 |  |  | July 30, 2022 |  |  | July 29, 2023 |  |  | July 30, 2022 |
Numerator: |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) and numerator for basic EPS |  | $ | 48,570 |  |  | $ | (42,466 | ) |  | $ | 67,022 |  |  | $ | (10,726 | )
Add: Interest expense, net of tax, related to the 2025 Notes (1) |  |  | - |  |  |  | — |  |  |  | 58 |  |  |  | — |
Numerator for diluted EPS |  | $ | 48,570 |  |  | $ | (42,466 | ) |  | $ | 67,080 |  |  | $ | (10,726 | )
Denominator: |  |  |  |  |  |  |  |  |  |  |  |
Denominator for basic EPS - weighted average shares |  |  | 195,329 |  |  |  | 180,189 |  |  |  | 195,214 |  |  |  | 174,544 |
Add: Dilutive effect of the 2025 Notes (1) (2) |  |  | — |  |  |  | — |  |  |  | 417 |  |  |  | — |
Add: Dilutive effect of stock options and non-vested restricted stock (3) |  |  | 774 |  |  |  | — |  |  |  | 1,191 |  |  |  | — |
Denominator for diluted EPS - adjusted weighted average shares |  |  | 196,103 |  |  |  | 180,189 |  |  |  | 196,822 |  |  |  | 174,544 |
Anti-dilutive shares (4) |  |  | 509 |  |  |  | 29,221 |  |  |  | 397 |  |  |  | 38,763 |
(1) During the 26 weeks ended July 30, 2022, the Company adopted ASU 2020-06. The Company utilizes the "if-converted" method of calculated diluted EPS. Refer to Note 2 to the Consolidated Financial Statements for additional information regarding the impact of the adoption of ASU 2020-06. (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 dilutive earnings per share calculation because the Company incurred a net loss for this period and their inclusion would be anti-dilutive. (3) 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. (4) For both periods presented, anti-dilutive shares relate to stock options and unvested restricted stock. 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.

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