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Earnings per Share
 3 Months Ended
Jul. 29, 2017
Earnings per Share  
Earnings per Share

 

Note 13: 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

 

(Unaudited, amounts in thousands)

 

7/29/17

 

7/30/16

 

Numerator (basic and diluted):

 

 

 

 

 

Net income attributable to La-Z-Boy Incorporated

 

$
11,651

 

$
13,806

 

Income allocated to participating securities

 
(57

)
(69

)

 

 

 

 

 

 

Net income available to common shareholders

 

$
11,594

 

$
13,737

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

Basic weighted average common shares outstanding

 
48,357

 
49,105

 

Add:

 

 

 

 

 

Contingent common shares

 
175

 
131

 

Stock option dilution

 
314

 
358

 

 

 

 

 

 

 

Diluted weighted average common shares outstanding

 
48,846

 
49,594

 

 

 

 

 

 

 

 

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 did not exclude any outstanding options from the diluted share calculation for the quarter ended July 29, 2017, and July 30, 2016.