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Capital Stock And Earnings Per Share
 3 Months Ended
Apr. 28, 2012
Capital Stock And Earnings Per Share [Abstract]  
Capital Stock And Earnings Per Share

Note C. Capital Stock and Earnings Per Share

Capital Stock: On January 5, 2012, TJX announced that its Board of Directors approved a two-for-one stock split of its common stock in the form of a stock dividend. One additional share was paid for each share held by holders of record as of the close of business on January 17, 2012. The shares were distributed on February 2, 2012 and resulted in the issuance of 372 million shares of common stock. The balance sheet as of January 28, 2012 has been adjusted to retroactively present the two-for-one stock split. Also, all historical per share amounts and references to common stock activity, as well as basic and diluted share amounts utilized in the calculation of earnings per share, have been adjusted to reflect the split.

During the quarter ended April 28, 2012, TJX repurchased and retired 6.5 million shares of its common stock at a cost of $250.0 million. TJX reflects stock repurchases in its financial statements on a "settlement" basis. TJX had cash expenditures under its stock repurchase programs of $297.3 million for the quarter ended April 28, 2012 and $338.3 million for the quarter ended April 30, 2011. These expenditures were funded primarily by cash generated from operations.

In February 2012, TJX announced that its Board of Directors approved a stock repurchase program that authorizes the repurchase of up to an additional $2 billion of TJX common stock from time to time. On a "trade date" basis, TJX repurchased 0.6 million shares of common stock at a cost of $25.4 million during the quarter ended April 28, 2012, and $1,974.6 million remained available at April 28, 2012 under this program. In April 2012, TJX completed the $1 billion stock repurchase program authorized in February 2011 under which TJX repurchased 32.3 million shares of common stock. All shares repurchased under the stock repurchase programs have been retired.

TJX has five million shares of authorized but unissued preferred stock, $1 par value.

 

Earnings per share: The following schedule presents the calculation of basic and diluted earnings per share ("EPS") for net income:

 

     Thirteen Weeks Ended  

In thousands, except per share data

    April 28,
2012		      April 30,
2011		  

Basic earnings per share

      

Net income

    $ 419,200       $ 265,951   

Weighted average common shares outstanding for basic EPS

      742,233         775,956   

Basic earnings per share

    $ 0.56       $ 0.34   

Diluted earnings per share

      

Net income

    $ 419,200       $ 265,951   

Shares for basic and diluted earnings per share calculations:

      

Weighted average common shares outstanding for basic EPS

      742,233         775,956   

Assumed exercise/vesting of:

      

Stock options and awards

      13,783         12,053   
  

 

 

     

 

 

  

Weighted average common shares outstanding for diluted EPS

      756,016         788,009   
  

 

 

     

 

 

  

Diluted earnings per share

    $ 0.55       $ 0.34   

The weighted average common shares for the diluted earnings per share calculation excludes the impact of any outstanding stock options for which the assumed proceeds per share are in excess of the related fiscal period's average price of TJX's common stock. Such options are excluded because they would have an antidilutive effect. There were no such options to exclude for the quarter ended April 28, 2012 or April 30, 2011.