Earnings Per Share and Shareholders’ Equity

Earnings Per Share

Earnings per basic share are computed based on the weighted-average number of outstanding common shares. Earnings per diluted share include the weighted-average effect of dilutive options and restricted stock on the weighted-average shares outstanding.

The following table provides shares utilized for the calculation of basic and diluted earnings per share for the first quarter of 2013 and 2012:



	First Quarter
	2013		2012
	(in millions)
Weighted-average Common Shares:
Issued Shares	305		299
Treasury Shares	(16	)	(7	)
Basic Shares	289		292
Effect of Dilutive Options and Restricted Stock	6		9
Diluted Shares	295		301
Anti-dilutive Options and Awards (a)	2		1

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(a)	These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Shareholders’ Equity

Common Stock Repurchases

Under the authority of the Company’s Board of Directors, the Company repurchased shares of its common stock under the following repurchase programs during the first quarter of 2013 and 2012:



	Amount Authorized		Shares Repurchased		Amount Repurchased				Average Stock Price of Shares Repurchased within Program
Repurchase Program	Amount Authorized		2013	2012	2013		2012		Average Stock Price of Shares Repurchased within Program
	(in millions)		(in thousands)		(in millions)
November 2012 (a)	$	250	1,217	NA	$	55	NA		$	44.91
February 2012 (b)	500		NA	4,594	NA		$	217	47.13
November 2011	250		NA	3,657	NA		164		44.90
Total			1,217	8,251	$	55	$	381

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(a)	The November 2012 repurchase program had $184 million remaining as of May 4, 2013.


(b)	The February 2012 repurchase program had $50 million remaining at the time it was cancelled in conjunction with the approval of the November 2012 repurchase program.


NA	Not applicable

There were no share repurchases reflected in Accounts Payable on the May 4, 2013 Consolidated Balance Sheet. There were $9 million of share repurchases reflected in Accounts Payable as of April 28, 2012.

Dividends

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during the first quarter of 2013 and 2012:



	Ordinary Dividends		Special Dividends		Total Dividends		Total Paid
	(per share)						(in millions)
2013
First Quarter	$	0.30	$	—	$	0.30	$	87
2012
First Quarter	$	0.25	$	—	$	0.25	$	73