Earnings Per Share and Shareholders’ Equity (Deficit)

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 2015 and 2014:



	First Quarter
	2015		2014
	(in millions)
Weighted-average Common Shares:
Issued Shares	311		308
Treasury Shares	(18	)	(17	)
Basic Shares	293		291
Effect of Dilutive Options and Restricted Stock	6		6
Diluted Shares	299		297
Anti-dilutive Options and Awards (a)	1		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 (Deficit)

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 2015 and 2014:



	Amount Authorized		Shares Repurchased		Amount Repurchased				Average Stock Price of Shares Repurchased within Program
Repurchase Program	Amount Authorized		2015	2014	2015		2014		Average Stock Price of Shares Repurchased within Program
	(in millions)		(in thousands)		(in millions)
February 2015 (a)	$	250	1,884	NA	$	171	NA		$	90.48
November 2012 (b)	$	250	NA	781	NA		$	42	$	48.42

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(a)	The February 2015 repurchase program had $79 million remaining as of May 2, 2015.


(b)	The November 2012 repurchase program had $91 million remaining at the time it was cancelled in conjunction with the approval of the February 2015 repurchase program.

In the first quarter of 2015, the Company's Board of Directors approved a new $250 million share repurchase program, which included the $91 million remaining under the November 2012 repurchase program.

There were $57 million and $2 million of share repurchases reflected in Accounts Payable on the May 2, 2015 and May 3, 2014 Consolidated Balance Sheets, respectively. There were no share repurchases reflected in Accounts Payable as of January 31, 2015.

Subsequent to May 2, 2015, the Company repurchased an additional 0.5 million shares of common stock for $42 million under the February 2015 repurchase program.

Dividends

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during 2015 and 2014:



	Ordinary Dividends		Special Dividends		Total Dividends		Total Paid
	(per share)						(in millions)
2015
First Quarter	$	0.50	$	2.00	$	2.50	$	734
2014
First Quarter	$	0.34	$	1.00	$	1.34	$	392