EARNINGS PER SHARE

3 Months Ended

May 03, 2020

The details of the computation of basic and diluted earnings per share are as follows:



	Quarter Ended
	May 3, 2020		May 5, 2019
	(In thousands, except per share amounts)
Net income	$	28,632	$	96,603
Basic weighted-average number of shares outstanding	130,251		130,694
Assumed conversion of dilutive stock options and awards	552		643
Diluted weighted-average number of shares outstanding	130,803		131,337
Basic earnings per share	$	0.22	$	0.74
Diluted earnings per share	$	0.22	$	0.74

The Company's calculation of weighted-average shares includes the common stock of the Company as well as the exchangeable shares. Exchangeable shares are the equivalent of common shares in all material respects. All classes of stock have, in effect, the same rights and share equally in undistributed net income. For the quarters ended May 3, 2020 and May 5, 2019, 97.5 thousand and 75.7 thousand stock options and awards, respectively, were anti-dilutive to earnings per share and therefore have been excluded from the computation of diluted earnings per share.

On January 31, 2019, the Company's board of directors approved a stock repurchase program for up to $500.0 million of the Company's common shares on the open market or in privately negotiated transactions. Common shares repurchased on the open market are at prevailing market prices, including under plans complying with the provisions of Rule 10b5-1 and Rule 10b-18 of the Securities Exchange Act of 1934. The timing and actual number of common shares to be repurchased will depend upon market conditions, eligibility to trade, and other factors, in accordance with Securities and Exchange Commission requirements. As of March 31, 2020, the Company temporarily paused its share repurchase program. As of May 3, 2020, the remaining aggregate value of shares available to be repurchased under this program was $263.6 million.

During the quarters ended May 3, 2020 and May 5, 2019, 0.4 million and 1.0 million shares, respectively, were repurchased under the program at a total cost of $63.7 million and $163.5 million, respectively.

Subsequent to May 3, 2020, and up to June 5, 2020, no shares were repurchased.