XML 50 R19.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings per Share
 3 Months Ended
Jul. 26, 2014
Earnings per Share  
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:

 

 

 

Quarter Ended

 

(Unaudited, amounts in thousands)

 

7/26/14

 

7/27/13

 

Numerator (basic and diluted):

 

 

 

 

 

Net income attributable to La-Z-Boy Incorporated

 

$
13,081

 

$
9,590

 

Income allocated to participating securities

 
(81

)
(117

)

Net income available to common shareholders

 

$
13,000

 

$
9,473

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

Basic weighted average common shares outstanding

 
52,191

 
52,343

 

Add:

 

 

 

 

 

Contingent common shares

 
116

 
254

 

Stock option dilution

 
320

 
454

 

Diluted weighted average common shares outstanding

 
52,627

 
53,051

 

 

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.  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 ended July 26, 2014.