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Earnings per Share | 9 Months Ended
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Jan. 28, 2017
Earnings per Share |
Earnings per Share | Note 11: Earnings per Share Certain share-based compensation 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, and we are required to include these participating securities in calculating our basic earnings per common share, using the two-class method. The following is a reconciliation of the numerators and denominators we used in our computations of basic and diluted earnings per share:
|  | Quarter Ended |  | Nine Months Ended |
(Unaudited, amounts in thousands) |  | 1/28/17 |  | 1/23/16 |  | 1/28/17 |  | 1/23/16 |
Numerator (basic and diluted): |  |  |  |  |  |  |  |  |
Net income attributable to La-Z-Boy Incorporated |  | $ | 23,286 |  | $ | 21,906 |  | $ | 57,925 |  | $ | 56,534 |
Income allocated to participating securities |  | (115 | ) | (107 | ) | (287 | ) | (292 | )
Net income available to common shareholders |  | $ | 23,171 |  | $ | 21,799 |  | $ | 57,638 |  | $ | 56,242 |
Denominator: |  |  |  |  |  |  |  |  |
Basic weighted average common shares outstanding |  | 48,914 |  | 50,038 |  | 49,057 |  | 50,371 |
Add: |  |  |  |  |  |  |  |  |
Contingent common shares |  | 155 |  | 171 |  | 155 |  | 172 |
Stock option dilution |  | 315 |  | 330 |  | 320 |  | 337 |
Diluted weighted average common shares outstanding |  | 49,384 |  | 50,539 |  | 49,532 |  | 50,880 |
The above values for contingent common shares reflect the dilutive effect of common shares that we would have issued to employees under the terms of performance-based share awards if the relevant performance period for the award had been the reporting period. We had outstanding options to purchase 0.4 million shares for the quarter and nine months ended January 23, 2016, with a weighted average exercise price of $26.69. We excluded the effect of these options from our 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. We did not exclude any outstanding options from the diluted share calculation for the quarter and nine months ended January 28, 2017.

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