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Capital Stock and Earnings Per Share
 3 Months Ended
May 03, 2014
Capital Stock and Earnings Per Share

Note D. Capital Stock and Earnings Per Share

Capital Stock: TJX repurchased and retired 6.0 million shares of its common stock at a cost of $360.0 million during the quarter ended May 3, 2014, on a “trade date” basis. TJX reflects stock repurchases in its financial statements on a “settlement date” or cash basis. TJX had cash expenditures under repurchase programs of $360.0 million for the three months ended May 3, 2014 and $302.6 million for the three months ended May 4, 2013.

In February 2013, TJX’s Board of Directors approved a stock repurchase program that authorized the repurchase of up to an additional $1.5 billion of TJX common stock from time to time. Under this program, on a “trade date” basis through May 3, 2014, TJX repurchased 14.6 million shares of common stock at a cost of $890.2 million. At May 3, 2014 $609.8 million remained available for purchase under this program.

 

All shares repurchased under the stock repurchase programs have been retired.

In January 2014, TJX’s Board of Directors approved an additional repurchase program authorizing the repurchase of up to an additional $2.0 billion of TJX common stock from time to time.

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  
     May 3,
2014		      May 4,
2013		  

In thousands, except per share data

      

Basic earnings per share

      

Net income

    $ 454,317       $ 452,890   

Weighted average common shares outstanding for basic EPS

      701,027         719,528   

Basic earnings per share

    $ 0.65       $ 0.63   

Diluted earnings per share

      

Net income

    $ 454,317       $ 452,890   

Shares for basic and diluted earnings per share calculations:

      

Weighted average common shares outstanding for basic EPS

      701,027         719,528   

Assumed exercise/vesting of:

      

Stock options and awards

      11,875         13,027   
  

 

 

     

 

 

  

Weighted average common shares outstanding for diluted EPS

      712,902         732,555   
  

 

 

     

 

 

  

Diluted earnings per share

    $ 0.64       $ 0.62   

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 4.2 million such options excluded for the thirteen weeks ended May 3, 2014. There were 4.8 million such options excluded for the thirteen weeks ended May 4, 2013.