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Capital Stock and Earnings per Share
 6 Months Ended
Jul. 30, 2016
Capital Stock and Earnings per Share

Note D. Capital Stock and Earnings per Share

Capital Stock: TJX repurchased and retired 5.2 million shares of its common stock at a cost of $400.0 million during the quarter ended July 30, 2016, on a “trade date” basis. During the six months ended July 30, 2016, TJX repurchased and retired 10.2 million shares of its common stock at a cost of $775.0 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 $756.2 million for the six months ended July 30, 2016 and $851.1 million for the six months ended August 1, 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 July 30, 2016, TJX repurchased 17.5 million shares of common stock at a cost of $1.3 billion. At July 30, 2016, $715.8 million 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 July 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  
     July 30,      August 1,  

In thousands, except per share data

    2016      2015  

Basic earnings per share

      

Net income

    $ 562,174       $ 549,335   

Weighted average common shares outstanding for basic EPS

      658,117         676,082   

Basic earnings per share

    $ 0.85       $ 0.81   

Diluted earnings per share

      

Net income

    $ 562,174       $ 549,335   

Shares for basic and diluted earnings per share calculations:

      

Weighted average common shares outstanding for basic EPS

      658,117         676,082   

Assumed exercise/vesting of:

      

Stock options and awards

      8,489         9,240   
  

 

 

     

 

 

  

Weighted average common shares outstanding for diluted EPS

      666,606         685,322   
  

 

 

     

 

 

  

Diluted earnings per share

    $ 0.84       $ 0.80   
     Twenty-Six Weeks Ended  
     July 30,      August 1,  

In thousands, except per share data

    2016      2015  

Basic earnings per share

      

Net income

    $ 1,070,520       $ 1,023,936   

Weighted average common shares outstanding for basic EPS

      659,825         678,735   

Basic earnings per share

    $ 1.62       $ 1.51   

Diluted earnings per share

      

Net income

    $ 1,070,520       $ 1,023,936   

Shares for basic and diluted earnings per share calculations:

      

Weighted average common shares outstanding for basic EPS

      659,825         678,735   

Assumed exercise/vesting of:

      

Stock options and awards

      8,929         9,844   
  

 

 

     

 

 

  

Weighted average common shares outstanding for diluted EPS

      668,754         688,579   
  

 

 

     

 

 

  

Diluted earnings per share

    $ 1.60       $ 1.49   

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 4.0 million such options excluded for the thirteen weeks and twenty-six weeks ended July 30, 2016. There were no such options excluded for either the thirteen weeks or the twenty-six weeks ended August 1, 2015.