Dave & Buster's Entertainment, Inc.PLAY

Dave & Buster's Entertainment, Inc. Earnings Per Share Disclosure

10-KFiled Apr 2, 20191 min read
Note 11: Earnings per share
Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of common shares outstanding for the reporting period. Potential dilutive shares consist of the incremental common shares issuable upon the exercise of outstanding stock options, unvested time-based RSU’s and performance RSU’s to the extent performance measures were attained as of the end of the reporting period, calculated using the treasury-stock method. Potential dilutive shares are excluded from the computation of earnings per share (“EPS”) if their effect is anti-dilutive. Stock options for which the exercise price exceeds the average market price over the period are anti-dilutive and, accordingly, are excluded from the calculation. For fiscal 2018 and fiscal 2017, we excluded approximately 52,000 and 31,000 anti-dilutive options from the calculation of common equivalent shares.
The following table sets forth the computation of EPS, basic and diluted for the fiscal years ended:
 
(in thousands, except share and per share data)
 
 
February 3, 2019
 
 
February 4, 2018
 
 
January 29, 2017
 
Numerator:
 
 
 
 
 
 
 
 
 
 
 
 
Net income
 
$
117,221
 
 
$
120,949
 
 
$
90,795
 
Denominator:
 
 
 
 
 
 
 
 
 
 
 
 
Weighted average number of common shares outstanding (basic)
 
 
39,047,106
 
 
 
41,276,314
 
 
 
41,951,770
 
Weighted average dilutive impact of equity-based awards
 
 
928,016
 
 
 
1,306,695
 
 
 
1,336,822
 
Weighted average number of common and common equivalent shares outstanding (dilutive)
 
 
39,975,122
 
 
 
42,583,009
 
 
 
43,288,592
 
Net income per share:
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
3.00
 
 
$
2.93
 
 
$
2.16
 
Diluted
 
$
2.93
 
 
$
2.84
 
 
$
2.10
 
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Historical Timeline

Fiscal YearFiled
2019Apr 2, 2019Showing above
2018Apr 3, 2018
2017Mar 28, 2017
2016Mar 29, 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.

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