Macy's 2013 Annual Report Download - page 90
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Table of Contents
During 2013, long-lived assets held and used with a carrying value of $52 million were written down to their fair value of $13 million, resulting in asset
impairment charges of $39 million. During 2012, long-lived assets held and used with a carrying value of $5 million were written down to their fair value of
$1 million, resulting in asset impairment charges of $4 million. The fair values of these locations were calculated based on the projected cash flows and an
estimated risk-adjusted rate of return that would be used by market participants in valuing these assets or prices of similar assets.
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of temporary cash investments. The
Company places its temporary cash investments in what it believes to be high credit quality financial instruments.
The following table sets forth the computation of basic and diluted earnings per share:
Net income and average number of shares
outstanding $1,486
377.3
$ 1,335
404.4
$1,256
423.5
Shares to be issued under deferred
compensation
and other plans
1.0
1.1
1.0
$1,486
378.3
$ 1,335
405.5
$1,256
424.5
Basic earnings per share
$3.93
$ 3.29
$2.96
Effect of dilutive securities –
Stock options, restricted stock and
restricted
stock units
6.5
6.7
5.9
$1,486
384.8
$ 1,335
412.2
$1,256
430.4
Diluted earnings per share
$ 3.86
$3.24
$2.92
In addition to the stock options, restricted stock and restricted stock units reflected in the foregoing table, restricted stock units relating to 0.7 million
shares of common stock were outstanding at February 1, 2014, stock options to purchase 7.5 million shares of common stock and restricted stock units
relating to 1.4 million shares of common stock were outstanding at February 2, 2013, and stock options to purchase 9.3 million of shares of common stock
and restricted stock units relating to 2.1 million shares of common stock were outstanding at January 28, 2012, but were not included in the computation of
diluted earnings per share for 2013, 2012 and 2011, respectively, because their inclusion would have been antidilutive or they were subject to performance
conditions that had not been met.
F-44