Best Buy 2001 Annual Report Download - page 50

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51
$ in thousands, except per share amounts
Earnings per Share
The following table presents a reconciliation of the numerators and denominators of basic and diluted earnings per common share
for fiscal 20 01, 2000 and 1999:
2001 2000 1999
N umerator:
N et earnings $395,839 $347,070 $216,282
Interest on preferred securities, net of tax —— 771
N et earnings assuming dilution $395,839 $347,070 $217 ,053
Denominator (00 0s):
W eighted average common shares outstanding 206,699 204,194 199,18 5
Effect of dilutive securities:
Employee stock options 5,959 8,386 8,726
Preferred securities —— 2,095
W eighted average common shares
outstanding assuming dilution 212,658 212,580 210,00 6
Basic earnings per share $ 1.92 $ 1.7 0 $ 1.09
Diluted earnings per share $ 1.86 $ 1 .63 $ 1.03
Repurchase of Common Stock
In October 1998 and September 1999 , the Company’s Board of Directors authorized the purchase of up to $100,000 and
$200,000, respectively, of the Company’s common stock. These plans were completed with a total of 1.8 million and 3.8 million
shares purchased and retired, respectively.
In February 2000, the Company’s Board of Directors authorized the purchase of up to $400,000 of the Company’s common stock
from time to time through open market purchases. This plan has no stated expiration date. As of March 3, 2001, 1.9 million shares
had been purchased and retired at a cost of $100,00 0. N o shares were repurchased in fiscal 2001.
Best Buy Co., Inc.
N otes