NOTE 15 – EARNINGS PER SHARE

We refer you to the Earnings Per Share disclosure in Note 2-Summary of Significant Accounting Policies, above, for more detailed information concerning the calculation of earnings per share.

We have issued restricted stock awards to non-employee directors since 2006 and certain management employees since 2014 and have issued restricted stock units (RSUs) to certain senior executives since fiscal 2012, under the Company’s Stock Incentive Plan. We expect to continue to grant these types of awards annually in the future. The following table sets forth the number of outstanding restricted stock awards and RSUs, net of forfeitures and vested shares, as of the fiscal year-end dates indicated:

	February 3,		January 28,		January 29,
	2019		2018		2017

Restricted shares		22,070		15,777		25,682
Restricted stock units		14,189		19,397		20,462
		36,259		35,174		46,144

All restricted shares awarded that have not yet vested are considered when computing diluted earnings per share. Unlike the restricted stock grants issued to our non-employee directors, the transfer of ownership of common shares issued under our RSUs, if any, occurs after the three-year vesting period; however, RSUs are also considered when computing diluted earnings per share.

The following table sets forth the computation of basic and diluted earnings per share:

	Fifty-Three		Fifty-Two		Fifty-Two
	Weeks Ended		Weeks Ended		Weeks Ended
	February 3,		January 28,		January 29,
	2019		2018		2017

Net income	$	39,873	$	28,250	$	25,287
Less: Dividends on unvested restricted shares		11		10		11
Net earnings allocated to unvested restricted stock		68		50		56
Earnings available for common shareholders	$	39,794	$	28,190	$	25,220

Weighted average shares outstanding for basic earnings per share		11,759		11,633		11,531
Dilutive effect of unvested restricted stock awards		24		30		32
Weighted average shares outstanding for diluted earnings per share		11,783		11,663		11,563

Basic earnings per share	$	3.38	$	2.42	$	2.19

Diluted earnings per share	$	3.38	$	2.42	$	2.18

In fiscal year 2018, we issued 176,018 shares of common stock to the designees of SFI as partial consideration for the Shenandoah acquisition on September 29, 2017. We issued 716,910 shares of our common stock to designees of Home Meridian as partial consideration for the Home Meridian acquisition on the first day of fiscal 2017.