Equity and Earnings per Share

6 Months Ended

Jul. 30, 2022

7. Equity and 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 six months ended
	July 30, 2022		July 31, 2021		July 30, 2022		July 31, 2021
(in thousands)
Common stock outstanding:
Basic weighted average common shares outstanding		62,688		63,527		63,384		62,840
Common stock equivalents – stock options, restricted stock units and deferred stock		3,982		4,088		4,135		3,098
Diluted weighted average common shares outstanding		66,670		67,615		67,519		65,938

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 the unearned compensation associated with stock options, restricted stock units, or deferred stock had an anti-dilutive effect.


	For the three months ended				For the six months ended
	July 30, 2022		July 31, 2021		July 30, 2022		July 31, 2021
(in thousands, except exercise prices)
Stock options		306		409		306		424
Restricted stock units		490		—		488		—
Range of exercise prices of such options	$4.48-$5.50		$4.49 - $5.50		$4.48 - $5.50		$2.25 - $5.50

The above options, which were outstanding at July 30, 2022, expire from January 31, 2023 to June 12, 2032.

Excluded from the computation of basic and diluted earnings per share were 240,000 shares for the second quarter and first six months of fiscal 2022 and 720,000 shares for the second quarter and first six months of fiscal 2021 of unvested performance stock units. These performance-based awards are included in the computation of basic and diluted earnings per share if, and when, the respective performance targets are achieved. In addition, 435,568 shares of deferred stock at July 30, 2022 and at July 31, 2021 were excluded from basic earnings per share. Outstanding shares of deferred stock are not considered issued and outstanding until the vesting date of the deferral period.