Earnings (Loss) Per Share

6 Months Ended

Jul. 31, 2021

Earnings Per Share [Abstract]

Earnings (Loss) Per Share

3. Earnings (Loss) Per Share

The following tables set forth the computation of basic and diluted earnings (loss) per share:

	13 Weeks Ended
	July 31, 2021						August 1, 2020
	Net Income				Shares		Net Loss						Shares
	(millions, except per share data)
Net income (loss)	$	345				311.5	$	(431	)					310.3
Shares to be issued under deferred    compensation and other plans						0.9								0.9
	$	345				312.4	$	(431	)					311.2
Basic earnings (loss) per share			$	1.11						$	(1.39	)
Effect of dilutive securities:
Stock options and restricted    stock units						6.2								—
	$	345				318.6	$	(431	)					311.2
Diluted earnings (loss) per share			$	1.08						$	(1.39	)

	26 Weeks Ended
	July 31, 2021						August 1, 2020
	Net Income				Shares		Net Loss						Shares
	(millions, except per share data)
Net income (loss)	$	448				311.1	$	(4,012	)					310.0
Shares to be issued under deferred    compensation and other plans						0.9							0.9
	$	448				312.0	$	(4,012	)					310.9
Basic earnings (loss) per share			$	1.44						$	(12.91	)
Effect of dilutive securities:
Stock options and restricted    stock units						6.6								—
	$	448				318.6	$	(4,012	)					310.9
Diluted earnings (loss) per share			$	1.41						$	(12.91	)

In addition to the stock options and restricted stock units reflected in the foregoing tables, stock options to purchase 14.4 million shares of common stock and restricted stock units relating to 1.0 million shares of common stock were outstanding at July 31, 2021, but were not included in the computation of diluted earnings per share because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met.

For the 13 and 26 weeks ended August 1, 2020, as a result of the net loss for the quarter and year to date period, all options and restricted stock units have been excluded from the calculation of diluted earnings per share and, therefore, there was no difference in the weighted average number of common shares for basic and diluted loss per share as the effect of all potentially dilutive shares outstanding was anti-dilutive. Stock options to purchase 16.7 million shares of common stock and restricted stock units relating to 10.1 million shares of common stock outstanding at August 1, 2020 were excluded from the computation of diluted earnings per share.