Earnings Per Share And Shareholders' Equity

3 Months Ended

May 03, 2014

Earnings Per Share And Shareholders' Equity [Abstract]

Stockholders' Equity Note Disclosure [Text Block]

Earnings Per Share and Shareholders’ Equity (Deficit)

Earnings Per Share

Earnings per basic share are 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 first quarter of 2014 and 2013:

	First Quarter
	2014		2013
	(in millions)
Weighted-average Common Shares:
Issued Shares	308		305
Treasury Shares	(17	)	(16	)
Basic Shares	291		289
Effect of Dilutive Options and Restricted Stock	6		6
Diluted Shares	297		295
Anti-dilutive Options and Awards (a)	1		2

 _______________

(a) These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Shareholders’ Equity (Deficit)

Common Stock Repurchases

Under the authority of the Company’s Board of Directors, the Company repurchased shares of its common stock under the following repurchase program during the first quarter of 2014 and 2013:

	Amount Authorized		Shares Repurchased		Amount Repurchased				Average Stock Price of Shares Repurchased within Program
Repurchase Program			2014	2013	2014		2013
	(in millions)		(in thousands)		(in millions)
November 2012 (a)	$	250	781	1,217	$	42	$	55	$	48.42

 _______________

(a) The November 2012 repurchase program had $134 million remaining as of May 3, 2014.

There were $2 million share repurchases reflected in Accounts Payable on the May 3, 2014 Consolidated Balance Sheet. There were no share repurchases reflected in Accounts Payable as of May 4, 2013.

Subsequent to May 3, 2014, the Company repurchased an additional 45 thousand shares of common stock for $2.4 million under the November 2012 repurchase program.

Dividends

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during the first quarter of 2014 and 2013:

	Ordinary Dividends		Special Dividends		Total Dividends		Total Paid
	(per share)						(in millions)
2014
First Quarter	$	0.34	$	1.00	$	1.34	$	392
2013
First Quarter	$	0.30	$	—	$	0.30	$	87