EARNINGS PER SHARE

9 Months Ended

Nov. 01, 2020

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


	Quarter Ended				Three Quarters Ended
	November 1, 2020		November 3, 2019		November 1, 2020		November 3, 2019
	(In thousands, except per share amounts)
Net income	$	143,643	$	125,982	$	259,076	$	347,575
Basic weighted-average number of shares outstanding	130,318		130,282		130,271		130,420
Assumed conversion of dilutive stock options and awards	606		523		571		555
Diluted weighted-average number of shares outstanding	130,924		130,805		130,842		130,975
Basic earnings per share	$	1.10	$	0.97	$	1.99	$	2.67
Diluted earnings per share	$	1.10	$	0.96	$	1.98	$	2.65

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 three quarters ended November 1, 2020 and November 3, 2019, 40.2 thousand and 63.0 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, which has restarted again as of September 22, 2020. As of November 1, 2020, the remaining aggregate value of shares available to be repurchased under this program was $263.6 million.

During the three quarters ended November 1, 2020 and November 3, 2019, 0.4 million and 1.1 million shares, respectively, were repurchased under the program at a total cost of $63.7 million and $173.1 million, respectively.

Subsequent to November 1, 2020, and up to December 4, 2020, no shares were repurchased. On December 1, 2020, the Company's board of directors approved an increase in the remaining authorization of its existing stock repurchase program from $263.6 million to $500.0 million. The repurchase plan has no time limit and does not require the repurchase of any minimum number of shares.