Shareholders' Equity

12 Months Ended

Jan. 30, 2016

Equity [Abstract]

SHAREHOLDERS' EQUITY

SHAREHOLDERS’ EQUITY

Earnings per Share

There were no adjustments required to be made to weighted-average common shares outstanding for purposes of computing basic and diluted earnings per share and there were no securities outstanding in any year presented, which were excluded from the computation of earnings per share other than antidilutive stock options, restricted stock awards, and restricted stock units. Stock options outstanding that were excluded from the diluted share calculation because their impact was antidilutive at the end of 2015, 2014, and 2013 were as follows:

(In millions)	2015	2014	2013
Antidilutive stock options excluded from dilutive share calculation	0.1	1.1	2.8

Antidilutive options are excluded from the calculation because they decrease the number of diluted shares outstanding under the treasury stock method. Antidilutive options are generally outstanding options where the exercise price per share is greater than the weighted-average market price per share for our common shares for each period. The restricted stock awards and restricted stock units that were antidilutive, as determined under the treasury stock method, were immaterial for all years presented.

A reconciliation of the number of weighted-average common shares outstanding used in the basic and diluted earnings per share computations is as follows:

(In thousands)	2015	2014	2013
Weighted-average common shares outstanding:
Basic	50,517	54,935	57,415
Dilutive effect of share-based awards	447	617	543
Diluted	50,964	55,552	57,958

Share Repurchase Programs

On March 4, 2015, our Board of Directors authorized a share repurchase program providing for the repurchase of $200 million of our common shares (“2015 Repurchase Program”). The 2015 Repurchase Program was exhausted during the second quarter of 2015. During 2015, we acquired approximately 4.4 million of our outstanding common shares for $200 million under the 2015 Repurchase Program.

Common shares acquired through repurchase programs are held in treasury at cost and are available to meet obligations under equity compensation plans and for general corporate purposes.  

Dividends

The Company declared and paid cash dividends per common share during the periods presented as follows:

	Dividends Per Share		Amount Declared		Amount Paid
2014:			(in thousands)		(in thousands)
Second quarter	$	0.17	$	9,585	$	9,366
Third quarter	0.17		9,718		9,457
Fourth quarter	0.17		9,230		9,005
Total	$	0.51	$	28,533	$	27,828
2015:			(in thousands)		(in thousands)
First quarter	$	0.19	$	10,479	$	10,197
Second quarter	0.19		10,069		9,734
Third quarter	0.19		9,549		9,267
Fourth quarter	0.19		9,637		9,332
Total	$	0.76	$	39,734	$	38,530

The amount of dividends declared may vary from the amount of dividends paid in a period based on certain instruments with restrictions on payment, including restricted stock awards, restricted stock units, and PSUs. The payment of future dividends will be at the discretion of our Board of Directors and will depend on our financial conditions, results of operations, capital requirements, compliance with applicable laws and agreements and any other factors deemed relevant by our Board of Directors.