Common stock transactions

3 Months Ended

May 03, 2013

Common stock transactions

Common stock transactions

10. Common stock transactions

On March 19, 2013, the Company’s Board of Directors authorized a $500 million increase in its existing common stock repurchase program. The repurchase authorization has no expiration date and allows repurchases from time to time in the open market or in privately negotiated transactions. The timing and number of shares purchased depends on a variety of factors, such as price, market conditions and other factors. Repurchases under the program may be funded from available cash or borrowings under the Facilities discussed in Note 4.

During the respective 13-week periods ended May 3, 2013 and May 4, 2012, the Company repurchased approximately 0.4 million and 6.8 million shares of its common stock at costs totaling $20.0 million and $300.0 million. As of May 3, 2013, $623.6 million remained available under the Board-approved repurchase program for the repurchase of shares of the Company’s common stock.