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.