Earnings (Loss) Per Share

12 Months Ended

Jan. 29, 2022

13.

Earnings (Loss) Per Share

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

	2021						2020								2019
	Net Income				Shares		Net Loss						Shares		Net Income				Shares
							(millions, except per share data)
Net income (loss) and average number of shares outstanding	$	1,430				305.8	$	(3,944	)					310.2	$	564				308.8
Shares to be issued under deferred compensation and other plans						1.0								1.0						0.9
	$	1,430				306.8	$	(3,944	)					311.1	$	564				309.7
Basic earnings (loss) per share			$	4.66						$	(12.68	)					$	1.82
Effect of dilutive securities:
Stock options and restricted stock units						7.2								—						1.7
	$	1,430				314.0	$	(3,944	)					311.1	$	564				311.4
Diluted earnings (loss) per share			$	4.55						$	(12.68	)					$	1.81

In addition to the stock options and restricted stock units in the foregoing table, stock options to purchase 12.4 million shares of common stock and restricted stock units relating to 1.0 million shares of common stock were outstanding at January 29, 2022, and stock options to purchase 18.5 million of shares of common stock and restricted stock units relating to 1.7 million shares of common stock were outstanding at February 1, 2020, but were not included in the computation of diluted earnings per share for 2021 or 2019, respectively, because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met.

For 2020, as a result of the net loss, 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 16.3 million shares of common stock and restricted stock units relating to 10.3 million shares of common stock outstanding at January 30, 2021 were excluded from the computation of diluted earnings per share.