Earnings per Share

9 Months Ended

Jan. 28, 2023

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, except per share data)	1/28/2023		1/22/2022		1/28/2023		1/22/2022
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated	$	31,726	$	28,467	$	116,291	$	92,549
Income allocated to participating securities (1)	—		—		—		(6)
Net income available to common Shareholders	$	31,726	$	28,467	$	116,291	$	92,543

Denominator:
Basic weighted average common shares outstanding	43,137		43,701		43,111		44,342
Contingent common shares	—		55		—		59
Stock option dilution	—		212		—		239
Diluted weighted average common shares outstanding	43,137		43,968		43,111		44,640

Earnings per Share:
Basic	$	0.74	$	0.65	$	2.70	$	2.09
Diluted	$	0.74	$	0.65	$	2.70	$	2.07

(1)Prior to fiscal 2019, we granted restricted stock awards that contained 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 values for contingent common shares set forth above 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 exclude the effect of options from our diluted share calculation when the weighted average exercise price of the options is higher than the average market price, since including the options' effect would be anti-dilutive. For the third quarter and nine months ended January 28, 2023, we excluded options to purchase 1.5 million shares from the diluted share calculation. For the third quarter and nine months ended January 22, 2022, we excluded options to purchase 0.2 million shares from the diluted share calculation.