Net Income (Loss) Per Share

3 Months Ended

May 03, 2014

Earnings Per Share [Abstract]

NET INCOME (LOSS) PER SHARE

NET INCOME (LOSS) PER SHARE

Net income (loss) per basic and diluted share is computed based on the weighted-average number of outstanding shares of Common Stock.

Weighted-Average Shares Outstanding and Anti-Dilutive Shares (in thousands):

	Thirteen Weeks Ended
	May 3, 2014		May 4, 2013
Shares of Common Stock issued	103,300		103,300
Treasury shares	(28,817	)	(24,976	)
Weighted-Average—Basic Shares	74,483		78,324
Dilutive effect of share-based compensation awards	—		—
Weighted-Average—Diluted Shares	74,483		78,324
Anti-Dilutive Shares (1)	11,400		11,404

⁽¹⁾  Reflects the number of shares subject to outstanding share-based compensation awards but excluded from the computation of net (loss) income per diluted share because the impact would have been anti-dilutive.

On February 27, 2014, A&F entered into an Accelerated Share Repurchase Agreement ("ASR Agreement") with a financial institution in order to repurchase shares of A&F's Common Stock during the term of the ASR Agreement which extended through April 2014. Pursuant to the ASR Agreement, A&F paid $150 million and, in exchange, 3.1 million shares were initially delivered to the Company and accounted for as a reduction to stockholders' equity. The transaction contemplated by the ASR Agreement was completed during the quarter, at which time the Company received 0.7 million additional shares. The total number of shares delivered upon settlement of the ASR Agreement was based upon the volume weighted average price of the Company’s Common Stock over the term of the ASR Agreement, less an agreed discount.