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Earnings per Share
 3 Months Ended
Jul. 27, 2013
Earnings per Share [Abstract]  
Earnings per Share
Note 11: 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 is as follows:

 
 
Quarter Ended
 
(Unaudited, amounts in thousands)
 
7/27/13
  
7/28/12
 
Numerator (basic and diluted):
 
  
 
Net income attributable to La-Z-Boy Incorporated
 
$
9,590
  
$
4,398
 
Income allocated to participating securities
  
(117
)
  
(74
)
Net income available to common shareholders
 
$
9,473
  
$
4,324
 
 
        
Denominator:
        
Basic weighted average common shares outstanding
  
52,343
   
52,193
 
Add:
        
Contingent common shares
  
254
   
335
 
Stock option dilution
  
454
   
512
 
Diluted weighted average common shares outstanding
  
53,051
   
53,040
 

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 0.1 million shares for the quarter ended July 27, 2013, with a weighted average exercise price of $20.85, and outstanding options to purchase 0.4 million shares for the quarter ended July 28, 2012, with a weighted average exercise price of $21.55.  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.