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Earnings per Share
 3 Months Ended
Jul. 30, 2011
Earnings per Share
Note 13: Earnings per Share

Certain share-based payment awards that entitle their holders to receive non-forfeitable dividends prior to vesting are considered participating securities.  We granted restricted stock awards that contain non-forfeitable rights to dividends on unvested shares; such stock awards are considered participating securities.  As participating securities, the unvested shares are required to be included in the calculation of our basic earnings per common share, using the two-class method.  For the first quarter ended July 24, 2010, we did not allocate any loss to the unvested stock awards (participating securities), due to their anti-dilutive effect.

A reconciliation of the numerators and denominators used in the computations of basic and diluted earnings per share is as follows:
 
   
Quarter Ended
  
(Unaudited, amounts in thousands)
  
7/30/11
    
7/24/10
  
Numerator (basic and diluted):
            
Net income (loss) attributable to La-Z-Boy Incorporated
   $ 45,536     $ (216 )
Income allocated to participating securities
     (883 )     0  
Net income (loss) available to common shareholders
   $ 44,653     $ (216 )

   
Quarter Ended
  
(Unaudited, amounts in thousands)
  
7/30/11
    
7/24/10
  
Denominator:
            
Basic common shares (based upon weighted average)
     51,942       51,785  
Add:
                
Stock option dilution
     501       0  
Diluted common shares
     52,443       51,785  

The effect of options to purchase 1.1 million and 1.7 million shares for the quarters ended July 30, 2011, and July 24, 2010, with a weighted average exercise price of $14.64 and $14.95, respectively, was excluded from the diluted share calculation as the exercise prices of these options were higher than the average share price for the quarters and including them would have been anti-dilutive.