Earnings Per Share And Shareholders' Equity
 6 Months Ended
Jul. 28, 2012
Earnings Per Share And Shareholders' Equity [Abstract]  
Earnings Per Share And Shareholders' Equity
Earnings Per Share and Shareholders’ Equity
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 second quarter of and year-to-date 2012 and 2011:
 
Second Quarter
 
Year-to-Date
 
2012
 
2011
 
2012
 
2011
 
(in millions)
Weighted-average Common Shares:
 
 
 
 
 
 
 
Issued Shares
302

 
334

 
300

 
332

Treasury Shares
(12
)
 
(29
)
 
(9
)
 
(21
)
Basic Shares
290

 
305

 
291

 
311

Effect of Dilutive Options and Restricted Stock
6

 
10

 
8

 
10

Diluted Shares
296

 
315

 
299

 
321

Anti-dilutive Options and Awards (a)
1

 
1

 
1

 
1

 _______________
(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
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 programs during year-to-date 2012 and 2011:
 
Amount Authorized
 
Shares
Repurchased
 
Amount
Repurchased
 
Average Stock Price of Shares Repurchased within Program
Repurchase Program
 
2012
 
2011
 
2012
 
2011
 
 
(in millions)
 
(in thousands)
 
(in millions)
 
 
February 2012 (a)
$
500

 
9,645

 
NA

 
$
439

 
NA

 
$
45.54

November 2011
250

 
3,657

 
NA

 
164

 
NA

 
44.90

May 2011
500

 
NA

 
7,750

 
NA

 
$
296

 
38.13

March 2011
500

 
NA

 
13,695

 
NA

 
500

 
36.49

November 2010 (b)
200

 
NA

 
3,431

 
NA

 
109

 
31.65

Total
 
 
13,302

 
24,876

 
$
603

 
$
905

 
 
 _______________
(a)
The February 2012 repurchase program had $61 million remaining as of July 28, 2012.
(b)
The November 2010 repurchase program had $31 million remaining at the time it was cancelled in conjunction with the approval of the March 2011 repurchase program.
NA
Not applicable
For the February 2012 repurchase program, $3 million of share repurchases were reflected in Accounts Payable on the July 28, 2012 Consolidated Balance Sheet and were settled in August 2012.
Subsequent to July 28, 2012, the Company repurchased an additional 0.2 million shares of common stock for $8 million under the February 2012 repurchase program.
Dividends
Under the authority and declaration of the Board of Directors, the Company paid the following dividends during 2012 and 2011:
 
 
Ordinary Dividends
 
Special Dividends
 
Total Dividends
 
Total Paid
 
 
(per share)
 
(in millions)
2012
 
 
 
 
 
 
 
 
Second Quarter
 
$
0.25

 
$
—

 
$
0.25

 
$
73

First Quarter
 
0.25

 
—

 
0.25

 
73

2012 Total
 
$
0.50

 
$
—

 
$
0.50

 
$
146

2011
 

 

 

 

Second Quarter
 
$
0.20

 
$
1.00

 
$
1.20

 
$
367

First Quarter
 
0.20

 
—

 
0.20

 
64

2011 Total
 
$
0.40

 
$
1.00

 
$
1.40

 
$
431



Subsequent to July 28, 2012, the Board of Directors declared the third quarter ordinary dividend of $0.25 per share and a special dividend of $1 per share. The special dividend, estimated to total $290 million, will be distributed on September 7, 2012 to shareholders of record at the close of business on August 23, 2012. In accordance with the anti-dilutive provisions of the 2011 Stock Option and Performance Incentive Plan, the Company will adjust both the exercise price and the number of share-based awards outstanding as of the record date of the special dividend. The aggregate fair value, the aggregate intrinsic value and the ratio of the exercise price to the market price will be approximately equal immediately before and after the adjustment. Therefore, no compensation expense will be recognized.