Annual report pursuant to Section 13 and 15(d)

SHAREHOLDERS' EQUITY

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SHAREHOLDERS' EQUITY
 12 Months Ended
Feb. 02, 2013
Stockholders' Equity Note [Abstract]  
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY
Preferred Stock
The Company is authorized to issue 10,000,000 shares of Preferred Stock, $0.01 par value per share.  No preferred shares are issued and outstanding at February 2, 2013 and January 28, 2012.
Net Income Per Share
The following table sets forth the calculation of basic and diluted net income per share:
 
 
Year Ended
 
 
February 2,
 
January 28,
 
January 29,
(in millions, except per share data)
 
2013
 
2012
 
2011
Basic net income per share:
 
 
 
 
 
 
Net income
 
$
619.3

 
$
488.3

 
$
397.3

Weighted average number of shares
 
 

 
 

 
 

outstanding
 
229.3

 
240.6

 
254.1

Basic net income per share
 
$
2.70

 
$
2.03

 
$
1.56

Diluted net income per share:
 
 

 
 

 
 

Net income
 
$
619.3

 
$
488.3

 
$
397.3

Weighted average number of shares
 
 

 
 

 
 

outstanding
 
229.3

 
240.6

 
254.1

Dilutive effect of stock options and
 
 

 
 

 
 

restricted stock (as determined by
 
 

 
 

 
 

applying the treasury stock method)
 
1.4

 
1.8

 
1.9

Weighted average number of shares and
 
 

 
 

 
 

dilutive potential shares outstanding
 
230.7

 
242.4

 
256.0

Diluted net income per share
 
$
2.68

 
$
2.01

 
$
1.55


At February 2, 2013, January 28, 2012 and January 29, 2011, substantially all of the stock options outstanding were included in the calculation of the weighted average number of shares and dilutive potential shares outstanding.
Share Repurchase Programs
The Company repurchases shares on the open market and under Accelerated Share Repurchase agreements.
On the open market, the Company repurchased 7.7 million shares for $340.2 million in fiscal 2012.  The Company repurchased 5.3 million shares for $145.9 million in fiscal 2011.  The Company repurchased 8.7 million shares for $214.7 million in fiscal 2010.  At February 2, 2013, the Company had $859.8 million remaining under Board authorization.
On November 21, 2011, the Company entered into an agreement to repurchase $300.0 million of the Company’s common shares under a “collared” Accelerated Share Repurchase Agreement (ASR).  Under this agreement, the Company initially received 6.8 million shares through December 13, 2011, representing the minimum number of shares to be received based on a calculation using the “cap” or high-end of the price range of the “collar.”  The ASR concluded on March 28, 2012 and the Company received an additional 0.5 million shares under the "collared" agreement resulting in 7.3 million total shares being repurchased under this ASR. The number of shares is determined based on the weighted average market price of the Company's common stock, less a discount, during a specified period of time.
On August 24, 2011, the Company entered into an agreement to repurchase $200.0 million of the Company’s common shares under a “collared” ASR.  Under this agreement, the Company initially received 5.1 million shares through September 2, 2011, representing the minimum number of shares to be received based on a calculation using the “cap” or high-end of the price range of the “collar.”  The ASR concluded on November 15, 2011 and the Company received an additional 0.3 million shares under the “collared” agreement resulting in 5.4 million total shares being repurchased under this ASR.  The number of shares is determined based on the weighted average market price of the Company’s common stock, less a discount, during a specified period of time.
On March 19, 2010, the Company entered into an agreement to repurchase $200.0 million of the Company’s common shares under a “collared” ASR.  Under this agreement, the Company initially received 9.2 million shares through March 31, 2010, representing the minimum number of shares to be received based on a calculation using the “cap” or high-end of the price range of the collar.  The ASR concluded on August 6, 2010 and the Company received an additional 0.8 million shares under the “collared” agreement resulting in 10.0 million total shares being repurchased under this ASR.  The number of shares is determined based on the weighted average market price of the Company’s common stock, less a discount, during a specified period of time.