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 third quarter of and year-to-date 2013 and 2012:



	Third Quarter				Year-to-Date
	2013		2012		2013		2012
	(in millions)
Weighted-average Common Shares:
Issued Shares	306		303		306		301
Treasury Shares	(16	)	(15	)	(16	)	(11	)
Basic Shares	290		288		290		290
Effect of Dilutive Options and Restricted Stock	7		6		6		7
Diluted Shares	297		294		296		297
Anti-dilutive Options and Awards (a)	—		1		2		1

_______________


(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 year-to-date 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	9,816	NA		$	448	45.60
November 2011	250		NA	3,657	NA		164		44.90
Total			1,217	13,473	$	55	$	612

_______________


(a)	The November 2012 repurchase program had $184 million remaining as of November 2, 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 as of November 2, 2013 and October 27, 2012.

Dividends

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



	Ordinary Dividends		Special Dividends		Total Dividends		Total Paid
	(per share)						(in millions)
2013
Third Quarter	$	0.30	$	—	$	0.30	$	87
Second Quarter	0.30		—		0.30		87
First Quarter	0.30		—		0.30		87
2013 Total	$	0.90	$	—	$	0.90	$	261
2012
Third Quarter	$	0.25	$	1.00	$	1.25	$	361
Second Quarter	0.25		—		0.25		73
First Quarter	0.25		—		0.25		73
2012 Total	$	0.75	$	1.00	$	1.75	$	507