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Capital Stock and Earnings Per Share
 12 Months Ended
Jan. 30, 2016
Capital Stock and Earnings Per Share

Note D.    Capital Stock and Earnings Per Share

Capital Stock: TJX repurchased and retired 26.5 million shares of its common stock at a cost of $1.8 billion during fiscal 2016, 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 $1.8 billion in fiscal 2016, $1.7 billion in fiscal 2015 and $1.5 billion in fiscal 2014, and repurchased 26.6 million shares in fiscal 2016, 27.6 million shares in fiscal 2015 and 27.3 million shares in fiscal 2014. These expenditures were funded primarily by cash generated from operations. As of January 30, 2016 TJX had $1.5 billion available under the existing $2.0 billion stock repurchase program announced by TJX in February 2015. In addition, in February 2016, TJX announced the Board of Directors had approved the repurchase of an additional $2.0 billion of TJX common stock from time to time.

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 table presents the calculation of basic and diluted earnings per share for net income:

 

      Fiscal Year Ended  
Amounts in thousands except per share amounts   

January 30,

2016

     

January 31,

2015

     

February 1,

2014

  

Basic earnings per share:

   

Net income

    $ 2,277,658       $ 2,215,128       $ 2,137,396   

Weighted average common stock outstanding for basic earnings per share calculation

      673,484         692,691         713,470   

Basic earnings per share

    $ 3.38       $ 3.20       $ 3.00   

Diluted earnings per share:

   

Net income

    $ 2,277,658       $ 2,215,128       $ 2,137,396   

Weighted average common stock outstanding for basic earnings per share calculation

      673,484         692,691         713,470   

Assumed exercise / vesting of:

   

Stock options and awards

      9,767         10,854         12,906   

Weighted average common stock outstanding for diluted earnings per share calculation

      683,251         703,545         726,376   

Diluted earnings per share

    $ 3.33       $ 3.15       $ 2.94   

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 average price of TJX’s common stock for the related fiscal periods. Such options are excluded because they would have an antidilutive effect. There were 4.1 million, 8.8 million and 4.7 million such options excluded at the end of fiscal 2016, fiscal 2015 and fiscal 2014, respectively.