Earnings Per Share And Shareholders' Equity

6 Months Ended

Aug. 01, 2020

Earnings Per Share And Shareholders' Equity [Abstract]

Earnings Per Share and Shareholders' Equity

Earnings (Loss) Per Share and Shareholders’ Equity (Deficit)

Earnings (Loss) Per Share

Earnings (Loss) per basic share is computed based on the weighted-average number of outstanding common shares. Earnings (Loss) 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 (loss) per share for the second quarter and year-to-date 2020 and 2019:

	Second Quarter				Year-to-Date
	2020		2019		2020		2019
	(in millions)
Weighted-average Common Shares:
Issued Shares	286		284		285		284
Treasury Shares	(8	)	(8	)	(8	)	(8	)
Basic Shares	278		276		277		276
Effect of Dilutive Options and Restricted Stock (a)	—		2		—		2
Diluted Shares	278		278		277		278
Anti-dilutive Options and Awards (a)	11		6		12		5

 _______________

(a) These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive. For 2020, the dilutive impact of outstanding options and awards were excluded from dilutive shares as a result of the Company's net loss for the periods.

Shareholders’ Equity (Deficit)

Common Stock Share Repurchases

In March 2018, the Company's Board of Directors approved a $250 million repurchase program, which had $79 million remaining as of August 1, 2020.

The Company did not repurchase any shares during 2020 or 2019.

Dividends

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during year-to-date 2020 and 2019:

	Ordinary Dividends		Total Paid
	(per share)		(in millions)
2020
Second Quarter	$	—	$	—
First Quarter	0.30		83
Total	$	0.30	$	83
2019
Second Quarter	$	0.30	$	83
First Quarter	0.30		83
Total	$	0.60	$	166

The Board of Directors suspended the quarterly cash dividend beginning in the second quarter of 2020.