Earnings Per Share and Shareholders’ Equity (Deficit)

Earnings Per Share

Earnings per basic share is 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 third quarter and year-to-date 2017 and 2016:



	Third Quarter				Year-to-Date
	2017		2016		2017		2016
	(in millions)
Weighted-average Common Shares:
Issued Shares	318		315		317		314
Treasury Shares	(34	)	(29	)	(32	)	(27	)
Basic Shares	284		286		285		287
Effect of Dilutive Options and Restricted Stock	1		4		3		4
Diluted Shares	285		290		288		291
Anti-dilutive Options and Awards (a)	6		2		5		2

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(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 Share Repurchases

Under the authority of the Company’s Board of Directors, the Company repurchased shares of its common stock under the following repurchase programs for year-to-date 2017 and 2016:



	Amount Authorized		Shares Repurchased		Amount Repurchased				Average Stock Price of Shares Repurchased within Program
Repurchase Program	Amount Authorized		2017	2016	2017		2016		2017		2016
	(in millions)		(in thousands)		(in millions)
September 2017	$	250	935	NA	$	39	NA		$	41.30	NA
February 2017	250		5,500	NA	240		NA		$	43.57	NA
February 2016	500		51	5,270	3		$	410	$	58.95	$	77.75
Total			6,486	5,270	$	282	$	410

In the third quarter of 2017, the Company's Board of Directors approved a new $250 million share repurchase program, which included the $10 million remaining under the February 2017 repurchase program.

In the first quarter of 2017, the Company's Board of Directors approved a $250 million share repurchase program, which included the $59 million remaining under the February 2016 repurchase program.

In the first quarter of 2016, the Company's Board of Directors approved a $500 million share repurchase program, which included the $17 million remaining under the June 2015 repurchase program.

The September 2017 repurchase program had $211 million remaining as of October 28, 2017. Subsequent to October 28, 2017, the Company repurchased an additional 0.1 million shares of common stock for $6 million under this program.

There were $2 million and $3 million of share repurchases reflected in Accounts Payable on the October 28, 2017 and January 28, 2017 Consolidated Balance Sheets, respectively. There were no share repurchases reflected in Accounts Payable on the October 29, 2016 Consolidated Balance Sheet.

Treasury Stock Retirement

Subsequent to October 28, 2017, the Company retired 36 million shares of its treasury stock.

Dividends

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during year-to-date 2017 and 2016:



	Ordinary Dividends		Special Dividends		Total Dividends		Total Paid
	(per share)						(in millions)
2017
Third Quarter	$	0.60	$	—	$	0.60	$	172
Second Quarter	0.60		—		0.60		172
First Quarter	0.60		—		0.60		172
2017 Total	$	1.80	$	—	$	1.80	$	516
2016
Third Quarter	$	0.60	$	—	$	0.60	$	173
Second Quarter	0.60		—		0.60		173
First Quarter	0.60		2.00		2.60		750
2016 Total	$	1.80	$	2.00	$	3.80	$	1,096