Net Income Per Common Share

9 Months Ended

Oct. 28, 2023

Note 5 – 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 28, 2023		October 29, 2022		October 28, 2023		October 29, 2022
Weighted Average Common Shares Outstanding – Basic		7,428,202		7,324,089		7,406,985		7,299,277
Effect of Dilutive Options, Restricted Stock Awards and Restricted Stock Units		56,790		55,314		70,363		63,752
Weighted Average Common Shares Outstanding – Diluted		7,484,992		7,379,403		7,477,348		7,363,029

For the three and nine months ended October 28, 2023, the diluted per share amounts do not reflect weighted average common equivalent shares outstanding of 505,293 and 390,326, respectively. For the three and nine months ended October 29, 2022, the diluted per share amounts do not reflect weighted average common equivalent shares outstanding of 540,407 and 602,510, respectively. These outstanding common equivalent shares were not included due to their anti-dilutive effect.