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Capital Stock and Earnings per Share
 9 Months Ended
Oct. 29, 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 October 29, 2016, on a “trade date” basis. During the nine months ended October 29, 2016, TJX repurchased and retired 15.4 million shares of its common stock at a cost of $1.2 billion, 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 $1.2 billion for the nine months ended October 29, 2016 and $1.3 billion for the nine months ended October 31, 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 October 29, 2016, TJX repurchased 22.7 million shares of common stock at a cost of $1.7 billion. At October 29, 2016, $315.8 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 October 29, 2016.

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

 

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

    October 29,
2016		      October 31,
2015		  

Basic earnings per share

      

Net income

    $ 549,786       $ 587,256   

Weighted average common shares outstanding for basic EPS

      653,559         671,154   

Basic earnings per share

    $ 0.84       $ 0.88   

Diluted earnings per share

      

Net income

    $ 549,786       $ 587,256   

Shares for basic and diluted earnings per share calculations:

      

Weighted average common shares outstanding for basic EPS

      653,559         671,154   

Assumed exercise/vesting of:

      

Stock options and awards

      8,162         9,690   
  

 

 

     

 

 

  

Weighted average common shares outstanding for diluted EPS

      661,721         680,844   
  

 

 

     

 

 

  

Diluted earnings per share

    $ 0.83       $ 0.86   

 

     Thirty-Nine Weeks Ended  

In thousands, except per share data

    October 29,
2016		      October 31,
2015		  

Basic earnings per share

      

Net income

    $ 1,620,306       $ 1,611,192   

Weighted average common shares outstanding for basic EPS

      657,746         676,220   

Basic earnings per share

    $ 2.46       $ 2.38   

Diluted earnings per share

      

Net income

    $ 1,620,306       $ 1,611,192   

Shares for basic and diluted earnings per share calculations:

      

Weighted average common shares outstanding for basic EPS

      657,746         676,220   

Assumed exercise/vesting of:

      

Stock options and awards

      8,886         9,852   
  

 

 

     

 

 

  

Weighted average common shares outstanding for diluted EPS

      666,632         686,072   
  

 

 

     

 

 

  

Diluted earnings per share

    $ 2.43       $ 2.35   

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 4.3 million such options excluded for the thirteen weeks and thirty-nine weeks ended October 29, 2016. There were 4.2 million options excluded for the thirteen weeks and thirty-nine weeks ended October 31, 2015.