Earnings Per Share and Shareholders’ Equity (Deficit)

Earnings Per Share

Earnings per basic share are computed based on the weighted-average number of outstanding common shares. Earnings per diluted share include the weighted-average effect of dilutive options and restricted stock on the weighted-average shares outstanding.

The following table provides shares utilized for the calculation of basic and diluted earnings per share for the second quarter and year-to-date 2015 and 2014:



	Second Quarter				Year-to-Date
	2015		2014		2015		2014
	(in millions)
Weighted-average Common Shares:
Issued Shares	312		309		312		309
Treasury Shares	(21	)	(17	)	(20	)	(17	)
Basic Shares	291		292		292		292
Effect of Dilutive Options and Restricted Stock	6		5		6		5
Diluted Shares	297		297		298		297
Anti-dilutive Options and Awards (a)	1		1		1		1

_______________


(a)	These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Shareholders’ Equity (Deficit)

Common Stock Repurchases

Under the authority of the Company’s Board of Directors, the Company repurchased shares of its common stock under the following repurchase programs during year-to-date 2015 and 2014:



	Amount Authorized		Shares Repurchased		Amount Repurchased				Average Stock Price of Shares Repurchased within Program
Repurchase Program	Amount Authorized		2015	2014	2015		2014		Average Stock Price of Shares Repurchased within Program
	(in millions)		(in thousands)		(in millions)
June 2015	$	250	624	NA	$	52	NA		$	83.75
February 2015	$	250	2,788	NA	$	250	NA		$	89.45
November 2012	$	250	NA	826	NA		$	45	$	48.52

In June 2015, the Company's Board of Directors approved a new $250 million share repurchase program, which included the $0.6 million remaining under the February 2015 repurchase program.

In February 2015, the Company's Board of Directors approved a $250 million share repurchase program, which included the $91 million remaining under the November 2012 repurchase program.

The June 2015 repurchase program had $198 million remaining as of August 1, 2015. Subsequent to August 1, 2015, the Company repurchased an additional 0.7 million shares of common stock for $61 million under this program.

There were $7 million of share repurchases reflected in Accounts Payable on the August 1, 2015 Consolidated Balance Sheet. There were no share repurchases reflected in Accounts Payable as of January 31, 2015 and August 2, 2014.

Dividends

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during year-to-date 2015 and 2014:



	Ordinary Dividends		Special Dividends		Total Dividends		Total Paid
	(per share)						(in millions)
2015
Second Quarter	$	0.50	$	—	$	0.50	$	146
First Quarter	0.50		2.00		2.50		734
2015 Total	$	1.00	$	2.00	$	3.00	$	880
2014
Second Quarter	$	0.34	$	—	$	0.34	$	99
First Quarter	0.34		1.00		1.34		392
2014 Total	$	0.68	$	1.00	$	1.68	$	491