Note 19: Earnings per Share

The following is a reconciliation of the numerators and denominators we used in our computations of basic and diluted earnings per share:
Fiscal Year Ended
(52 weeks)(52 weeks)(52 weeks)
(Amounts in thousands)4/25/20264/26/20254/27/2024
Numerator (basic and diluted):
Net income attributable to La-Z-Boy Incorporated$101,985 $99,556 $122,626 
Denominator:
Basic weighted average common shares outstanding40,982 41,601 42,878 
Contingent common shares246 562 279 
Stock option dilution113 182 123 
Diluted weighted average common shares outstanding41,341 42,345 43,280 
Earnings per Share:
Basic$2.49 $2.39 $2.86 
Diluted (1)
$2.47 $2.35 $2.83 
(1)Diluted earnings per share was computed using the treasury stock method.
The values for contingent common shares set forth above reflect the dilutive effect of common shares that we would have issued to employees under the terms of performance-based share awards if the relevant performance period for the award had been the reporting period.
We exclude the effect of options from our diluted share calculation when the weighted average exercise price of the options is higher than the average market price, since including the options' effect would be anti-dilutive. We excluded options to purchase 0.2 million shares and 0.5 million shares from the diluted share calculation for the years ended April 25, 2026 and April 27, 2024, respectively. We did not exclude any outstanding options from the diluted share calculation for the fiscal year ended April 26, 2025.
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Historical Timeline

Fiscal YearFiled
2026Jun 16, 2026Showing above
2025Jun 17, 2025
2024Jun 17, 2024
2023Jun 20, 2023
2022Jun 21, 2022
2021Jun 15, 2021
2020Jun 23, 2020
2019Jun 18, 2019
2018Jun 19, 2018
2017Jun 20, 2017
2016Jun 21, 2016

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.