Net Income Per Common Share

9 Months Ended

Oct. 30, 2021

Note 4 – Net Income Per Common Share

Basic net income per share is calculated by dividing net income by the weighted average number of shares outstanding during the period. Diluted net income per share is calculated by dividing net income by the weighted average number of shares and, if dilutive, common equivalent shares, determined using the treasury stock method for stock options, restricted stock awards and restricted stock units outstanding during the period. A reconciliation of the shares used in calculating basic and diluted net income per share is as follows:


	Three Months Ended				Nine Months Ended
	October 30, 2021		October 31, 2020		October 30, 2021		October 31, 2020

Weighted Average Common Shares Outstanding – Basic		7,234,045		7,120,286		7,196,066		7,099,505
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units		—		65,199		128,437		37,973

Weighted Average Common Shares Outstanding – Diluted		7,234,045		7,185,485		7,324,503		7,137,478

For the three months ended October 30, 2021, the Company had weighted average common stock equivalent shares outstanding of 144,955 that could potentially dilute earnings per share in future periods that were excluded from the computation of diluted EPS because their effect would have been anti-dilutive given the net loss during the period. For the

three and nine months ended October 30, 2021, the diluted per share amounts do not reflect weighted average common equivalent shares outstanding of 189,827 and 362,935

respectively. For the three and nine months ended October 31, 2020, the diluted per share amounts do not reflect weighted average common equivalent shares outstanding of 689,157 and 892,868

respectively. These outstanding common equivalent shares were not included due to their anti-dilutive effect.