XML 28 R9.htm IDEA: XBRL DOCUMENT v2.4.0.8
Net Income (Loss) Per Share
 9 Months Ended
Nov. 01, 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
 
Thirty-Nine Weeks Ended
(in thousands)
November 1, 2014
 
November 2, 2013
 
November 1, 2014
 
November 2, 2013
Shares of Common Stock issued
103,300

 
103,300

 
103,300

 
103,300

Treasury shares
(32,486
)
 
(26,844
)
 
(30,723
)
 
(25,913
)
Weighted-Average — Basic Shares
70,814

 
76,456

 
72,577

 
77,387

Dilutive effect of share-based compensation awards
1,314

 
—

 
1,293

 
—

Weighted-Average — Diluted Shares
72,128

 
76,456

 
73,870

 
77,387

Anti-Dilutive Shares (1)
5,566

 
11,023

 
5,621

 
11,127


(1) 
Reflects the number of shares subject to outstanding share-based compensation awards but excluded from the computation of net income (loss) 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, approximately 3.1 million shares were initially delivered to A&F and accounted for as a reduction to stockholders' equity. The transaction contemplated by the ASR Agreement was completed during the first quarter of Fiscal 2014, at which time A&F received approximately 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 A&F’s Common Stock over the term of the ASR Agreement, less an agreed discount.

During the second quarter of Fiscal 2014, A&F repurchased approximately 1.5 million additional shares of A&F’s Common Stock in the open market at a market value of approximately $60 million. During the third quarter of Fiscal 2014, A&F repurchased approximately 2.0 million additional shares of A&F's Common Stock in the open market at a market value of approximately $75 million.