Dillard's 2012 Annual Report Download - page 76

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Notes to Consolidated Financial Statements (Continued)
9. Stockholders’ Equity (Continued)
shares for $250.0 million at an average price of $41.93 per share, which completed the authorization
under the February 2011 Stock Plan.
2010 Stock Plan
In August 2010, the Company’s Board of Directors authorized the Company to repurchase up to
$250 million of the Company’s Class A Common Stock (‘‘2010 Stock Plan’’). During fiscal 2010, the
Company repurchased 7.5 million shares for $231.3 million at an average price of $31.04 per share.
During fiscal 2011, the Company repurchased 0.4 million shares for $18.7 million at an average price of
$42.19 per share, which completed the remaining authorization under the 2010 Stock Plan.
2007 Stock Plan
In November 2007, the Company’s Board of Directors approved the repurchase of up to $200
million of the Company’s Class A Common Stock (‘‘2007 Stock Plan’’). Availability under the 2007
Stock Plan at the beginning of fiscal 2010 was $182.6 million. During fiscal 2010, the Company
repurchased 7.2 million shares of stock for approximately $182.6 million at an average price of $25.39
per share, which completed the remaining authorization under the 2007 Stock Plan.
10. Earnings per Share
Basic earnings per share has been computed based upon the weighted average of Class A and
Class B common shares outstanding. Diluted earnings per share gives effect to outstanding stock
options.
Earnings per common share has been computed as follows:
Fiscal 2012 Fiscal 2011 Fiscal 2010
(in thousands, except per share data) Basic Diluted Basic Diluted Basic Diluted
Net earnings available for per-share
calculation ................. $335,962 $335,962 $463,909 $463,909 $179,620 $179,620
Average shares of common stock
outstanding ................ 48,125 48,125 53,515 53,515 66,922 66,922
Dilutive effect of stock-based
compensation ............... — 786 — 933 — 252
Total average equivalent shares .... 48,125 48,911 53,515 54,448 66,922 67,174
Per share of common stock:
Net income .................. $ 6.98 $ 6.87 $ 8.67 $ 8.52 $ 2.68 $ 2.67
No stock options were outstanding at February 2, 2013, and 2,245,000 and 3,351,869 of stock
options were outstanding at January 28, 2012 and January 29, 2011, respectively.
11. Stock-Based Compensation
The Company has various stock option plans that provide for the granting of options to purchase
shares of Class A Common Stock to certain key employees of the Company. Exercise and vesting terms
for options granted under the plans are determined at each grant date. All options were granted at not
less than fair market value at dates of grant. As of February 2, 2013, 7,547,451 shares were available for
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