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Capital Stock and Earnings Per Share
 12 Months Ended
Jan. 28, 2017
Capital Stock and Earnings Per Share

Note E.    Capital Stock and Earnings Per Share

Capital Stock: TJX repurchased and retired 22.3 million shares of its common stock at a cost of $1.7 billion during fiscal 2017, 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 $1.7 billion in fiscal 2017, $1.8 billion in fiscal 2016 and $1.7 billion in fiscal 2015, and repurchased 22.3 million shares in fiscal 2017, 26.6 million shares in fiscal 2016 and 27.6 million shares in fiscal 2015. These expenditures were funded primarily by cash generated from operations. As of January 28, 2017 TJX had $1.8 billion available under the existing $2.0 billion stock repurchase program announced by TJX in February 2016. In addition, in February 2017, TJX announced the Board of Directors had approved the repurchase of an additional $1.0 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 28,

2017

     

January 30,

2016

     

January 31,

2015

  

Basic earnings per share:

   

Net income

    $ 2,298,234      $ 2,277,658      $ 2,215,128  

Weighted average common stock outstanding for basic earnings per share calculation

      655,647        673,484        692,691  

Basic earnings per share

    $ 3.51      $ 3.38      $ 3.20  

Diluted earnings per share:

   

Net income

    $ 2,298,234      $ 2,277,658      $ 2,215,128  

Weighted average common stock outstanding for basic earnings per share calculation

      655,647        673,484        692,691  

Assumed exercise/vesting of:

   

Stock options and awards

      8,785        9,767        10,854  

Weighted average common stock outstanding for diluted earnings per share calculation

      664,432        683,251        703,545  

Diluted earnings per share

    $ 3.46      $ 3.33      $ 3.15  

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 8.1 million, 4.1 million and 8.8 million such options excluded at the end of fiscal 2017, fiscal 2016 and fiscal 2015, respectively.