EARNINGS PER SHARE

6 Months Ended

Aug. 02, 2020

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


	Quarter Ended						Two Quarters Ended
	August 2, 2020		August 4, 2019		August 2, 2020		August 4, 2019
	(In thousands, except per share amounts)
Net income	$	86,801	$	124,990	$	115,433	$	221,593
Basic weighted-average number of shares outstanding	130,245		130,285		130,248		130,489
Assumed conversion of dilutive stock options and awards	554		498		554		571
Diluted weighted-average number of shares outstanding	130,799		130,783		130,802		131,060
Basic earnings per share	$	0.67	$	0.96	$	0.89	$	1.70
Diluted earnings per share	$	0.66	$	0.96	$	0.88	$	1.69

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 two quarters ended August 2, 2020 and August 4, 2019, 58.2 thousand and 75.1 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 August 2, 2020, the remaining aggregate value of shares available to be repurchased under this program was $263.6 million.

During the two quarters ended August 2, 2020 and August 4, 2019, 0.4 million and 1.0 million shares, respectively, were repurchased under the program at a total cost of $63.7 million and $165.1 million, respectively.

Subsequent to August 2, 2020, and up to September 1, 2020, no shares were repurchased.