Earnings per Share

9 Months Ended

Oct. 28, 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				For the nine months ended
	October 28, 2017		October 29, 2016		October 28, 2017		October 29, 2016
(in thousands)
Common Stock Outstanding:
Basic weighted average common shares outstanding		48,607		49,552		48,966		49,532
Common stock equivalents – stock options and restricted stock ⁽¹⁾		—		—		—		—
Diluted weighted average common shares outstanding		48,607		49,552		48,966		49,532

(1)

Common stock equivalents of 92 shares and 67 shares for the three and nine months ended October 28, 2017, respectively, and 483 shares and 402 shares for the three and nine months ended October 29, 2016, respectively, were excluded due to the net loss in all periods.

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				For the nine months ended
	October 28, 2017		October 29, 2016		October 28, 2017		October 29, 2016
(in thousands, except exercise prices)
Stock Options (time-vested)		1,295		1,232		1,295		1,232
Restricted Stock Units (time-vested)		1,106		3		1,109		409
Restricted and Deferred Stock		54		2		78		10
Range of exercise prices of such options	$1.85 - $7.02		$4.49 - $7.52		$1.85- $7.02		$4.49 - $7.52

The above options, which were outstanding at October 28, 2017, expire from June 8, 2018 to August 31, 2027 .

There were no performance-based awards outstanding at October 28, 2017. For the third quarter and first nine months of fiscal 2016, 893,621 shares of unvested performance-based restricted stock and 1,125,317 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’s not achieving performance targets in fiscal 2016.

Shares of unvested time-based restricted stock of 53,333 at October 28, 2017 and 356,227 shares at October 29, 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 53,333 shares of restricted stock outstanding at October 28, 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.