Coach 2011 Annual Report Download - page 76
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TABLE OF CONTENTS
COACH, INC.
Notes to Consolidated Financial Statements (Continued)
(dollars and shares in thousands, except per share data)
14. EARNINGS PER SHARE
The following is a reconciliation of the weighted-average shares outstanding and calculation of basic and diluted earnings per share:
Fiscal Year Ended
June 30, 2012 July 2, 2011 July 3, 2010
Net income $ 1,038,910 $ 880,800 $ 734,940
Total weighted-average basic shares 288,284 294,877 311,413
Dilutive securities:
Employee benefit and share award plans 1,694 1,792 1,318
Stock option programs 4,151 4,889 3,117
Total weighted-average diluted shares 294,129 301,558 315,848
Net income per share:
Basic $ 3.60 $ 2.99 $ 2.36
Diluted $ 3.53 $ 2.92 $ 2.33
At June 30, 2012, options to purchase 116 shares of common stock were outstanding but not included in the computation of diluted
earnings per share, as these options’ exercise prices, ranging from $72.06 to $78.46, were greater than the average market price of the
common shares.
At July 2, 2011, options to purchase 55 shares of common stock were outstanding but not included in the computation of diluted
earnings per share, as these options’ exercise prices, ranging from $59.97 to $60.28, were greater than the average market price of the
common shares.
At July 3, 2010, options to purchase 3,710 shares of common stock were outstanding but not included in the computation of diluted
earnings per share, as these options’ exercise prices, ranging from $41.93 to $51.56, were greater than the average market price of the
common shares.
15. STOCK REPURCHASE PROGRAM
Purchases of Coach’s common stock are made from time to time, subject to market conditions and at prevailing market prices, through
open market purchases. Repurchased shares of common stock become authorized but unissued shares and may be issued in the future for
general corporate and other purposes. The Company may terminate or limit the stock repurchase program at any time.
During fiscal 2012, fiscal 2011 and fiscal 2010, the Company repurchased and retired 10,688, 20,404 and 30,686 shares,
respectively, or $700,000, $1,098,000 and $1,150,000 of common stock, respectively, at an average cost of $65.49, $53.81 and $37.48
per share, respectively. As of June 30, 2012, Coach had $261,627 remaining in the stock repurchase program.
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