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Earnings per Share
 12 Months Ended
Apr. 27, 2013
Earnings per Share [Abstract]  
Earnings per Share
Note 18: 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 grant restricted stock awards that contain non-forfeitable rights to dividends on unvested shares; 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.

A reconciliation of the numerators and denominators used in the computations of basic and diluted earnings per share were as follows:
 
 
 
Year Ended
 
(Amounts in thousands)
 
4/27/2013
  
4/28/2012
  
4/30/2011
 
Numerator (basic and diluted):
         
Net income attributable to La-Z-Boy Incorporated
 
$
46,389
  
$
87,966
  
$
24,047
 
Income allocated to participating securities
  
(639
)
  
(1,650
)
  
(472
)
Net income available to common shareholders
 
$
45,750
  
$
86,316
  
$
23,575
 

 
 
Year Ended
 
(Amounts in thousands)
 
4/27/2013
  
4/28/2012
  
4/30/2011
 
Denominator:
         
Basic weighted average common shares outstanding
  
52,351
   
51,944
   
51,849
 
Add:
            
Contingent common shares
  
812
   
—
   
—
 
Stock option dilution
  
522
   
534
   
430
 
Diluted weighted average common shares outstanding
  
53,685
   
52,478
   
52,279
 

Contingent common shares reflect the dilutive effect of common shares that would be issued under the terms of performance-based share grants made to employees, assuming the reporting period was the performance period.

We had outstanding options to purchase 0.2 million, 0.4 million and 1.2 million shares for the years ended April 27, 2013, April 28, 2012, and April 30, 2011, respectively, with a weighted average exercise price of $20.74, $19.97, and $15.21, respectively. We excluded the effect of these options from the diluted share calculation since, for each period presented, the weighted average exercise price of the options was higher than the average market price, and including the options' effect would have been anti-dilutive.