Note D. Capital Stock and Earnings Per Share

Capital Stock

TJX repurchased and retired 7.5 million shares of its common stock at a cost of $550.0 million during the quarter ended July 29, 2017, on a “trade date” basis. During the six months ended July 29, 2017, TJX repurchased and retired 12 million shares of its common stock at a cost of $900.0 million, on a “trade date” basis. TJX reflects stock repurchases in its financial statements on a “settlement date” or cash basis. TJX had cash expenditures under repurchase programs of $884.7 million for the six months ended July 29, 2017 and $756.2 million for the six months ended July 30, 2016.

In February 2016, TJX announced that its Board of Directors had approved a stock repurchase program that authorized the repurchase of up to an additional $2.0 billion of TJX common stock from time to time. Under this program, on a “trade date” basis through July 29, 2017, TJX repurchased 14.8 million shares of common stock at a cost of $1.1 billion. At July 29, 2017, $890.8 million remained available for purchase under this program.

In February 2017, TJX announced that its Board of Directors had approved an additional stock repurchase program that authorized the repurchase of up to $1.0 billion of TJX common stock from time to time, all of which remained available at July 29, 2017.

All shares repurchased under the stock repurchase programs have been retired.

Earnings Per Share

The following tables present the calculation of basic and diluted earnings per share (“EPS”) for net income:


	Thirteen Weeks Ended
In thousands, except per share data	July 29, 2017		July 30, 2016
Basic earnings per share
Net income	$	552,957	$	562,174
Weighted average common shares outstanding for basic EPS		639,127		658,117

Basic earnings per share	$	0.87	$	0.85

Diluted earnings per share
Net income	$	552,957	$	562,174

Shares for basic and diluted earnings per share calculations:
Weighted average common shares outstanding for basic EPS		639,127		658,117
Assumed exercise/vesting of:
Stock options and awards		9,190		8,489

Weighted average common shares outstanding for diluted EPS		648,317		666,606

Diluted earnings per share	$	0.85	$	0.84


	Twenty-Six Weeks Ended
In thousands, except per share data	July 29, 2017		July 30, 2016
Basic earnings per share
Net income	$	1,089,236	$	1,070,520
Weighted average common shares outstanding for basic EPS		641,776		659,825

Basic earnings per share	$	1.70	$	1.62

Diluted earnings per share
Net income	$	1,089,236	$	1,070,520

Shares for basic and diluted earnings per share calculations:
Weighted average common shares outstanding for basic EPS		641,776		659,825
Assumed exercise/vesting of:
Stock options and awards		10,116		8,929

Weighted average common shares outstanding for diluted EPS		651,892		668,754

Diluted earnings per share	$	1.67	$	1.60

The weighted average common shares for the diluted earnings per share calculation exclude the impact of outstanding stock options if the assumed proceeds per share of the option is in excess of the related fiscal period’s average price of TJX’s common stock. Such options are excluded because they would have an antidilutive effect. There were 8.0 million such options excluded for each of the thirteen weeks and twenty-six weeks ended July 29, 2017. There were 4.0 million such options excluded for each of the thirteen weeks and twenty-six weeks ended July 30, 2016.