Pep Boys 2013 Annual Report Download - page 134
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THE PEP BOYS—MANNY, MOE & JACK AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
Years ended February 1, 2014, February 2, 2013 and January 28, 2012
NOTE 12—EARNINGS PER SHARE
The following schedule presents the calculation of basic and diluted earnings per share for
earnings from continuing operations:
Year Ended
February 1, February 2, January 28,
2014 2013 2012
(dollar amounts in thousands, except per share amounts)
(a) Earnings from continuing operations before discontinued
operations .................................... $ 7,053 $13,155 $29,128
Loss from discontinued operations, net of tax benefit of $102,
$186 and $121 ................................. (188) (345) (225)
Net earnings .................................... $ 6,865 $12,810 $28,903
(b) Basic average number of common shares outstanding during
period ....................................... 53,378 53,225 52,958
Common shares assumed issued upon exercise of dilutive
stock options, net of assumed repurchase, at the average
market price ................................... 585 729 673
(c) Diluted average number of common shares assumed
outstanding during period ......................... 53,963 53,954 53,631
Basic earnings per share:
Earnings from continuing operations (a/b) ............... $ 0.13 $ 0.25 $ 0.55
Discontinued operations, net of tax .................... — (0.01) (0.01)
Basic earnings per share ............................ $ 0.13 $ 0.24 $ 0.54
Diluted earnings per share:
Earnings from continuing operations (a/c) ............... $ 0.13 $ 0.24 $ 0.54
Discontinued operations, net of tax .................... — — —
Diluted earnings per share .......................... $ 0.13 $ 0.24 $ 0.54
Certain stock options were excluded from the calculations of diluted earnings per share because
their exercise prices were greater than the average market price of the common shares for the period
then ended and therefore would be anti-dilutive. The total number of such shares excluded from the
diluted earnings per share calculation was 937,000; 859,000; and 870,000 as of February 1, 2014,
February 2, 2013, and January 28, 2012, respectively.
NOTE 13—BENEFIT PLANS
DEFINED BENEFIT AND CONTRIBUTION PLANS
The Company continues to maintain the non-qualified defined contribution portion of the SERP
plan (the ‘‘Account Plan’’) for key employees designated by the Board of Directors. On January 31,
2014, the Account Plan was amended to eliminate the retirement plan contributions that have
historically been made by the Company effective for calendar year 2015. The Company’s contribution
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