Earnings Per Share and Shareholders’ Equity (Deficit)

Earnings Per Share

Earnings per basic share is 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 2016 and 2015:



	First Quarter
	2016		2015
	(in millions)
Weighted-average Common Shares:
Issued Shares	313		311
Treasury Shares	(25	)	(18	)
Basic Shares	288		293
Effect of Dilutive Options and Restricted Stock	5		6
Diluted Shares	293		299
Anti-dilutive Options and Awards (a)	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 (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 2016 and 2015:



	Amount Authorized		Shares Repurchased		Amount Repurchased				Average Stock Price of Shares Repurchased within Program
Repurchase Program	Amount Authorized		2016	2015	2016		2015		Average Stock Price of Shares Repurchased within Program
	(in millions)		(in thousands)		(in millions)
February 2016	$	500	3,125	NA	$	260	NA		$	83.26
February 2015	$	250	NA	1,884	NA		$	171	$	90.48

In the first quarter of 2016, the Company's Board of Directors approved a new $500 million share repurchase program, which included $17 million remaining under the June 2015 repurchase program.

The February 2016 repurchase program had $240 million remaining as of April 30, 2016. Subsequent to April 30, 2016, the Company repurchased an additional 0.5 million shares of common stock for $35 million under this program.

There were no share repurchases reflected in Accounts Payable on the April 30, 2016 and January 30, 2016 Consolidated Balance Sheets. There were $57 million share repurchases reflected in Accounts Payable as of May 2, 2015.

Dividends

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during 2016 and 2015:



	Ordinary Dividends		Special Dividends		Total Dividends		Total Paid
	(per share)						(in millions)
2016
First Quarter	$	0.60	$	2.00	$	2.60	$	750
2015
First Quarter	$	0.50	$	2.00	$	2.50	$	734