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Capital Stock and Earnings Per Share | 6 Months Ended
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Jul. 29, 2023
Equity [Abstract] |
Capital Stock and Earnings Per Share | Capital Stock and Earnings Per Share Capital Stock TJX repurchased and retired 6.7 million shares of its common stock at a cost of approximately $555 million, including applicable excise tax, during the quarter ended July 29, 2023, on a “trade date” basis. During the six months ended July 29, 2023, TJX repurchased and retired 13.2 million shares of its common stock at a cost of approximately $1.1 billion, on a “trade date” basis. TJX reflects stock repurchases in its consolidated financial statements on a “settlement date” or cash basis. TJX had cash expenditures under repurchase programs of $1 billion for the six months ended July 29, 2023 and $1.3 billion for the six months ended July 30, 2022. These expenditures were funded by cash on hand and cash generated from current and prior period operations. In February 2023, the Company announced that its Board of Directors had approved a new stock repurchase program that authorizes the repurchase of up to an additional $2 billion of TJX common stock from time to time. Under this program and previously announced programs, TJX had approximately $2.5 billion available for repurchase as of July 29, 2023. All shares repurchased under the stock repurchase programs have been retired. Earnings Per Share The following table presents the calculation of basic and diluted earnings per share:
| Thirteen Weeks Ended | Twenty-Six Weeks Ended
Amounts in millions, except per share amounts | July 29, 2023 | July 30, 2022 | July 29, 2023 | July 30, 2022
Basic earnings per share: |  |  |  |
Net income | $ | 989 |  | $ | 810 |  | $ | 1,880 |  | $ | 1,397 |
Weighted average common shares outstanding for basic earnings per share calculation | 1,148 |  | 1,168 |  | 1,151 |  | 1,173 |
Basic earnings per share | $ | 0.86 |  | $ | 0.69 |  | $ | 1.63 |  | $ | 1.19 |
Diluted earnings per share: |  |  |  |
Net income | $ | 989 |  | $ | 810 |  | $ | 1,880 |  | $ | 1,397 |
Weighted average common shares outstanding for basic earnings per share calculation | 1,148 |  | 1,168 |  | 1,151 |  | 1,173 |
Assumed exercise/vesting of stock options and awards | 13 |  | 10 |  | 12 |  | 11 |
Weighted average common shares outstanding for diluted earnings per share calculation | 1,161 |  | 1,178 |  | 1,163 |  | 1,184 |
Diluted earnings per share | $ | 0.85 |  | $ | 0.69 |  | $ | 1.62 |  | $ | 1.18 |
Cash dividends declared per share | $ | 0.3325 |  | $ | 0.295 |  | $ | 0.665 |  | $ | 0.59 |
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 no such options excluded for the thirteen weeks and twenty-six weeks ended July 29, 2023. There were 5.1 million such options excluded for the thirteen weeks and twenty-six weeks ended July 30, 2022.

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