Capital Stock and Earnings Per Share

Capital Stock

TJX repurchased and retired 6.4 million shares of its common stock at a cost of $0.6 billion during the quarter ended August 4, 2018, on a “trade date” basis. During the six months ended August 4, 2018, TJX repurchased and retired 11.3 million shares of its common stock at a cost of $1.0 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 $990 million for the six months ended August 4, 2018, and $885 million for the six months ended July 29, 2017. These expenditures were funded by cash generated from operations.

In February 2018, TJX announced that its Board of Directors had approved an additional stock repurchase program that authorized the repurchase of up to $3.0 billion of TJX common stock from time to time.

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. Under this program, on a “trade date” basis through August 4, 2018, TJX repurchased 9.6 million shares of common stock at a cost of $864.2 million.

As of August 4, 2018, TJX had $3.1 billion available under these previously announced stock repurchase programs.

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

Earnings Per Share

The following tables present the calculation of basic and diluted earnings per share (“EPS”) for net income:



	Thirteen Weeks Ended				Twenty-Six Weeks Ended
In thousands, except per share data	August 4, 2018		July 29, 2017		August 4, 2018		July 29, 2017
Basic earnings per share
Net income	$	739,626	$	552,957	$	1,456,007	$	1,089,236
Weighted average common shares outstanding for basic EPS	623,426		639,127		625,019		641,776
Basic earnings per share	$	1.19	$	0.87	$	2.33	$	1.70
Diluted earnings per share
Net income	$	739,626	$	552,957	$	1,456,007	$	1,089,236
Shares for basic and diluted earnings per share calculations:
Weighted average common shares outstanding for basic EPS	623,426		639,127		625,019		641,776
Assumed exercise/vesting of:
Stock options and awards	9,534		9,190		8,665		10,116
Weighted average common shares outstanding for diluted EPS	632,960		648,317		633,684		651,892
Diluted earnings per share	$	1.17	$	0.85	$	2.30	$	1.67

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 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 no such options excluded for each of the thirteen weeks and twenty-six weeks ended August 4, 2018. There were 8.0 million such options excluded for the thirteen weeks and twenty-six weeks ended July 29, 2017.