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 2017 and 2016:



	First Quarter
	2017		2016
	(in millions)
Weighted-average Common Shares:
Issued Shares	316		313
Treasury Shares	(30	)	(25	)
Basic Shares	286		288
Effect of Dilutive Options and Restricted Stock	3		5
Diluted Shares	289		293
Anti-dilutive Options and Awards (a)	5		2

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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 Share Repurchases

Under the authority of the Company’s Board of Directors, the Company repurchased shares of its common stock under the following repurchase programs for the first quarter of 2017 and 2016:



	Amount Authorized		Shares Repurchased		Amount Repurchased				Average Stock Price of Shares Repurchased within Program
Repurchase Program	Amount Authorized		2017	2016	2017		2016		2017		2016
	(in millions)		(in thousands)		(in millions)
February 2017	$	250	1,570	NA	$	80	NA		$	50.92	NA
February 2016	$	500	51	3,125	3		$	260	$	58.95	$	83.26
Total			1,621	3,125	$	83	$	260

In the first quarter of 2017, the Company's Board of Directors approved a new $250 million share repurchase program, which included the $59 million remaining under the February 2016 repurchase program.

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

The February 2017 repurchase program had $170 million remaining as of April 29, 2017. Subsequent to April 29, 2017, the Company repurchased an additional 0.2 million shares of common stock for $11 million under this program.

There were $1 million and $3 million of share repurchases reflected in Accounts Payable on the April 29, 2017 and January 28, 2017 Consolidated Balance Sheets, respectively. There were no share repurchases reflected in Accounts Payable on the April 30, 2016 Consolidated Balance Sheet.

Dividends

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during the first quarter of 2017 and 2016:



	Ordinary Dividends		Special Dividends		Total Dividends		Total Paid
	(per share)						(in millions)
2017
First Quarter	$	0.60	$	—	$	0.60	$	172
2016
First Quarter	$	0.60	$	2.00	$	2.60	$	750