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Earnings Per Share And Shareholders' Equity

9 Months Ended

Nov. 02, 2019

Earnings Per Share And Shareholders' Equity [Abstract]

Earnings Per Share and Shareholders' Equity

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 third quarter and year-to-date 2019 and 2018:



	Third Quarter				Year-to-Date
	2019		2018		2019		2018
	(in millions)
Weighted-average Common Shares:
Issued Shares	284		283		284		283
Treasury Shares	(8	)	(8	)	(8	)	(6	)
Basic Shares	276		275		276		277
Effect of Dilutive Options and Restricted Stock (a)	—		—		—		2
Diluted Shares	276		275		276		279
Anti-dilutive Options and Awards (a)	2		2		2		5

_______________


(a)	These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For 2019 and the third quarter 2018, the dilutive impact of outstanding options and awards were excluded from dilutive shares as a result of the Company's net loss for the respective periods.

Shareholders’ Equity (Deficit)

Common Stock Share Repurchases

The Company did not repurchase any shares during year-to-date 2019.

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 2018:



	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price of Shares Repurchased within Program
Repurchase Program	Amount Authorized		Shares Repurchased	Amount Repurchased		Average Stock Price of Shares Repurchased within Program
	(in millions)		(in thousands)	(in millions)
March 2018	$	250	4,852	$	171	$	35.29
September 2017	250		527	25		$	46.98
Total			5,379	$	196

In March 2018, the Company's Board of Directors approved a $250 million repurchase program, which included the $23 million remaining under the September 2017 repurchase program.

The March 2018 repurchase program had $79 million remaining as of November 2, 2019.

Dividends

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during year-to-date 2019 and 2018:



	Ordinary Dividends		Total Paid
	(per share)		(in millions)
2019
Third Quarter	$	0.30	$	83
Second Quarter	0.30		83
First Quarter	0.30		83
Total	$	0.90	$	249
2018
Third Quarter	$	0.60	$	165
Second Quarter	0.60		167
First Quarter	0.60		168
Total	$	1.80	$	500