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Capital Stock and Earnings per Share
 3 Months Ended
Apr. 30, 2016
Capital Stock and Earnings per Share

Note D. Capital Stock and Earnings per Share

Capital Stock: TJX repurchased and retired 5.0 million shares of its common stock at a cost of $375.0 million during the quarter ended April 30, 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 $341.3 million for the three months ended April 30, 2016 and $419.9 million for the three months ended May 2, 2015.

In February 2015, TJX announced that its Board of Directors had approved a stock repurchase program that authorized the repurchase of up to an additional $2.0 billion of TJX common stock from time to time. Under this program, on a “trade date” basis through April 30, 2016, TJX repurchased 12.3 million shares of common stock at a cost of $884.2 million. At April 30, 2016, $1.1 billion remained available for purchase under this program.

In February 2016, TJX announced that its Board of Directors had approved another stock repurchase program that authorized the repurchase of up to an additional $2.0 billion of TJX common stock from time to time, all of which remained available at April 30, 2016.

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 30,
2016		      May 2,
2015		  

Basic earnings per share

      

Net income

    $ 508,346       $ 474,601   

Weighted average common shares outstanding for basic EPS

      661,515         681,369   

Basic earnings per share

    $ 0.77       $ 0.70   

Diluted earnings per share

      

Net income

    $ 508,346       $ 474,601   

Shares for basic and diluted earnings per share calculations:

      

Weighted average common shares outstanding for basic EPS

      661,515         681,369   

Assumed exercise/vesting of:

      

Stock options and awards

      8,873         9,837   
  

 

 

     

 

 

  

Weighted average common shares outstanding for diluted EPS

      670,388         691,206   
  

 

 

     

 

 

  

Diluted earnings per share

    $ 0.76       $ 0.69   

The weighted average common shares for the diluted earnings per share calculation exclude 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 4.1 million such options excluded for the thirteen weeks ended April 30, 2016. There were 4.7 million such options excluded for the thirteen weeks ended May 2, 2015.