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Capital Stock and Earnings per Share
 3 Months Ended
Apr. 29, 2017
Capital Stock and Earnings per Share

Note D. Capital Stock and Earnings per Share

Capital Stock: TJX repurchased and retired 4.5 million shares of its common stock at a cost of $350.0 million during the quarter ended April 29, 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 $350.0 million for the three months ended April 29, 2017 and $341.3 million for the three months ended April 30, 2016.

 

In February 2016, 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 29, 2017, TJX repurchased 7.3 million shares of common stock at a cost of $559.2 million. At April 29, 2017, $1.4 billion remained available for purchase under this program.

In February 2017, TJX announced that its Board of Directors had approved an additional stock repurchase program that authorized the repurchase of up to $1.0 billion of TJX common stock from time to time, all of which remained available at April 29, 2017.

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  
     April 29,      April 30,  

In thousands, except per share data

    2017      2016  

Basic earnings per share

      

Net income

    $ 536,279      $ 508,346  

Weighted average common shares outstanding for basic EPS

      644,425        661,515  

Basic earnings per share

    $ 0.83      $ 0.77  

Diluted earnings per share

      

Net income

    $ 536,279      $ 508,346  

Shares for basic and diluted earnings per share calculations:

      

Weighted average common shares outstanding for basic EPS

      644,425        661,515  

Assumed exercise/vesting of:

      

Stock options and awards

      10,374        8,873  
  

 

 

     

 

 

  

Weighted average common shares outstanding for diluted EPS

      654,799        670,388  
  

 

 

     

 

 

  

Diluted earnings per share

    $ 0.82      $ 0.76  

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 8.0 million such options excluded for the thirteen weeks ended April 29, 2017. There were 4.1 million such options excluded for the thirteen weeks ended April 30, 2016.