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Capital Stock and Earnings Per Share
 9 Months Ended
Nov. 02, 2013
Capital Stock and Earnings Per Share

Note C. Capital Stock and Earnings Per Share

Capital Stock: During the quarter ended November 2, 2013, TJX repurchased and retired 6.8 million shares of its common stock at a cost of $375.0 million. For the nine months ended November 2, 2013, TJX repurchased and retired 19.7 million shares of its common stock at a cost of $1,000.0 million. TJX reflects stock repurchases in its financial statements on a “settlement” basis. TJX had cash expenditures under its stock repurchase programs of $998.1 million for the nine months ended November 2, 2013 and $1,004.4 million for the nine months ended October 27, 2012.

In October 2013, TJX completed the $2 billion stock repurchase program authorized in February 2012 under which TJX purchased 43.1 million shares of common stock.

In February 2013, the Company’s Board of Directors approved a stock repurchase program that authorized the repurchase of up to $1.5 billion of TJX common stock from time to time. Under this program, on a “trade date” basis through November 2, 2013, TJX repurchased 1.3 million shares of common stock at a cost of $75.3 million and $1,424.7 million remained available under this plan.

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

    November 2,
2013		      October 27,
2012		  

Basic earnings per share

      

Net income

    $    622,655       $    461,551   

Weighted average common shares outstanding for basic EPS

      711,595         731,575   

Basic earnings per share

    $ 0.88       $ 0.63   

Diluted earnings per share

      

Net income

    $ 622,655       $ 461,551   

Shares for basic and diluted earnings per share calculations:

      

Weighted average common shares outstanding for basic EPS

      711,595         731,575   

Assumed exercise/vesting of:

      

Stock options and awards

      12,513         14,166   
  

 

 

     

 

 

  

Weighted average common shares outstanding for diluted EPS

      724,108         745,741   
  

 

 

     

 

 

  

Diluted earnings per share

    $ 0.86       $ 0.62   

 

     Thirty-Nine Weeks Ended  

In thousands, except per share data

    November 2,
2013		      October 27,
2012		  

Basic earnings per share

      

Net income

    $ 1,555,104       $ 1,301,843   

Weighted average common shares outstanding for basic EPS

      715,657         736,846   

Basic earnings per share

    $ 2.17       $ 1.77   

Diluted earnings per share

      

Net income

    $ 1,555,104       $ 1,301,843   

Shares for basic and diluted earnings per share calculations:

      

Weighted average common shares outstanding for basic EPS

      715,657         736,846   

Assumed exercise/vesting of:

      

Stock options and awards

      12,626         14,188   
  

 

 

     

 

 

  

Weighted average common shares outstanding for diluted EPS

      728,283         751,034   
  

 

 

     

 

 

  

Diluted earnings per share

    $ 2.14       $ 1.73   

The weighted average common shares for the diluted earnings per share calculation excludes the impact of outstanding stock options if the assumed proceeds per share of the option is 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 4.7 million options excluded for each of the thirteen weeks and the thirty-nine weeks ended November 2, 2013. There were 4.9 million options excluded for each of the thirteen weeks and the thirty-nine weeks ended October 27, 2012.