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Capital Stock and Earnings Per Share
 6 Months Ended
Aug. 02, 2014
Capital Stock and Earnings Per Share

Note D. Capital Stock and Earnings Per Share

TJX repurchased and retired 8.0 million shares of its common stock at a cost of $439.8 million during the quarter ended August 2, 2014, on a “trade date” basis. During the six months ended August 2, 2014, TJX repurchased and retired 14.0 million shares of its common stock at a cost of $799.8 million, 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 $799.8 for the six months ended August 2, 2014 and $627.6 million for the six months ended August 3, 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 August 2, 2014, TJX repurchased 22.6 million shares of common stock at a cost of $1.3 billion. At August 2, 2014, $170.0 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  

In thousands, except per share data

    August 2,
2014		      August 3,
2013		  

Basic earnings per share

      

Net income

    $ 517,624       $ 479,559   

Weighted average common shares outstanding for basic EPS

      694,217         715,706   

Basic earnings per share

    $ 0.75       $ 0.67   

Diluted earnings per share

      

Net income

    $ 517,624       $ 479,559   

Shares for basic and diluted earnings per share calculations:

      

Weighted average common shares outstanding for basic EPS

      694,217         715,706   

Assumed exercise/vesting of:

      

Stock options and awards

      10,983         12,893   
  

 

 

     

 

 

  

Weighted average common shares outstanding for diluted EPS

      705,200         728,599   
  

 

 

     

 

 

  

Diluted earnings per share

    $ 0.73       $ 0.66   

 

     Twenty-Six Weeks Ended  

In thousands, except per share data

    August 2,
2014		      August 3,
2013		  

Basic earnings per share

      

Net income

    $ 971,941       $ 932,449   

Weighted average common shares outstanding for basic EPS

      697,622         717,754   

Basic earnings per share

    $ 1.39       $ 1.30   

Diluted earnings per share

      

Net income

    $ 971,941       $ 932,449   

Shares for basic and diluted earnings per share calculations:

      

Weighted average common shares outstanding for basic EPS

      697,622         717,754   

Assumed exercise/vesting of:

      

Stock options and awards

      11,598         12,996   
  

 

 

     

 

 

  

Weighted average common shares outstanding for diluted EPS

      709,220         730,750   
  

 

 

     

 

 

  

Diluted earnings per share

    $ 1.37       $ 1.28   

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 4.6 million options excluded for the thirteen weeks ended August 2, 2014 and 4.2 million options excluded for the twenty-six weeks ended August 2, 2014. There were no such options excluded for each of the thirteen weeks or the twenty-six weeks ended August 3, 2013.