Earnings per Share

3 Months Ended

Apr. 29, 2017

5. Earnings per Share

The following table provides a reconciliation of the number of shares outstanding for basic and diluted earnings per share:

	For the three months ended
	April 29, 2017		April 30, 2016
(in thousands)
Common Stock Outstanding:
Basic weighted average common shares outstanding		49,735		49,513
Common stock equivalents – stock options and restricted stock ⁽¹⁾		—		367
Diluted weighted average common shares outstanding		49,735		49,880

(1)

Common stock equivalents of 73 shares for the three months ended April 29, 2017 were excluded due to the net loss.

The following potential common stock equivalents were excluded from the computation of diluted earnings per share in each period because the exercise price of such options was greater than the average market price per share of common stock for the respective periods or because of the unearned compensation associated with either stock options, restricted stock units, restricted or deferred stock had an anti-dilutive effect.

	For the three months ended
	April 29, 2017		April 30, 2016
(in thousands, except exercise prices)
Stock Options (time-vested)		1,377		1,244
Restricted Stock Units (time-vested)		1,086		423
Restricted and Deferred Stock		477		—
Range of exercise prices of such options	$3.20 - $7.52		$4.91 - $7.52

The above options, which were outstanding at April 29, 2017, expire from October 22, 2017 to January 18, 2027.

There were no performance-based awards outstanding at April 29, 2017. For the first quarter of fiscal 2016, 941,082 shares of unvested performance-based restricted stock and 1,181,168 performance-based stock options were excluded from the Company’s computation of basic and diluted earnings per share. All outstanding performance-based awards expired unvested in March 2017 as a result of the Company not achieving performance targets in fiscal 2016.

Shares of unvested time-based restricted stock of 482,002 for the first three months of fiscal 2017 and 377,395 shares for the first three months of fiscal 2016 were excluded from the computation of basic earnings per share and will continue to be excluded until such shares vest. See Note 3, Long-Term Incentive Plans, for a discussion of the Company’s LTIP plans and equity awards.

All 482,002 shares of restricted stock outstanding at April 29, 2017 are considered issued and outstanding. Each share of restricted stock has all of the rights of a holder of the Company’s common stock, including, but not limited to, the right to vote and the right to receive dividends, which rights are forfeited if the restricted stock is forfeited.