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Earnings per Share
 6 Months Ended
Oct. 26, 2013
Earnings per Share [Abstract]  
Earnings per Share
Note 12: 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:

 
 
Second Quarter Ended
  
Six Months Ended
 
 (Unaudited, amounts in thousands)
 
10/26/13
  
10/27/12
  
10/26/13
  
10/27/12
 
Numerator (basic and diluted):
 
  
  
  
 
Net income attributable to La-Z-Boy Incorporated
 
$
16,744
  
$
6,619
  
$
26,334
  
$
11,017
 
Income allocated to participating securities
  
(111
)
  
(88
)
  
(248
)
  
(166
)
Net income available to common shareholders
 
$
16,633
  
$
6,531
  
$
26,086
  
$
10,851
 

 
 
Second Quarter Ended
  
Six Months Ended
 
 
 
10/26/13
  
10/27/12
  
10/26/13
  
10/27/12
 
Denominator:
 
  
  
  
 
Basic weighted average common shares outstanding
  
52,537
   
52,356
   
52,440
   
52,274
 
Add:
                
Contingent common shares
  
320
   
366
   
305
   
366
 
Stock option dilution
  
404
   
546
   
431
   
529
 
Diluted weighted average common shares outstanding
  
53,261
   
53,268
   
53,176
   
53,169
 

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 shares for the quarter and six months ended October 27, 2012, with a weighted average exercise price of $20.74.  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.  There were no outstanding options to purchase shares that were excluded from the diluted share calculation because their effect would have been anti-dilutive for the quarter and six months ended October 26, 2013.