TJ Maxx 1997 Annual Report Download - page 14

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On June 25, 1997, the Company authorized the re p u rchase of up to $250 million of the Company’s
common shares and common equivalent shares. During fiscal 1998, the Company re p u rchased 8.5 million
s h a res of its stock, totaling $245.2 million, re p resenting approximately 5% of the Company’s outstanding
common shares. In Febru a ry 1998, the Company completed this buy back program with a total of 8.7 mil-
lion shares having been re p u rchased. At the same time, the Company announced its intent to re p u rc h a s e
an additional $250 million of the Company’s common stock.
E a r n i n g s P e r S h a r e : The Company calculates earnings per share in accordance with SFAS No. 128
which re q u i res the presentation of basic and diluted earnings per share. The following schedule pre s e n t s
the calculation of basic and diluted earnings per share for income from continuing operations:
Fiscal Year Ended
J a n u a r y 31, J a n u a r y 25, J a n u a r y 27,
1 9 9 8 1 9 9 7 1 9 9 6
(53 weeks)
B a s i c e a r n i n g s p e r s h a r e :
Income from continuing operations
b e f o re extraord i n a ry item $ 3 0 6 , 5 9 2 $ 2 1 3 , 8 2 6 $ 5 1 , 5 8 9
Less: pre f e rred stock dividends 1 1 , 6 6 8 1 3 , 7 4 1 9 , 4 0 7
Income from continuing operations available
to common share h o l d e r s $ 2 9 4 , 9 2 4 $ 2 0 0 , 0 8 5 $ 4 2 , 1 8 2
Weighted average common stock outstanding
for basic earnings per share 1 6 0 , 7 3 7 , 0 2 3 1 5 0 , 4 6 3 , 4 5 2 1 4 4 , 8 3 0 , 3 5 2
Basic earnings per share $ 1 . 8 3 $ 1 . 3 3 $ . 2 9
D i l u t e d e a r n i n g s p e r s h a r e :
Income from continuing operations
available to common share h o l d e r s $ 2 9 4 , 9 2 4 $ 2 0 0 , 0 8 5 $ 4 2 , 1 8 2
Add back: pre f e rred stock dividends 1 1 , 6 6 8 13,741 9 3
Income from continuing operations for
diluted earnings per share calculation $ 3 0 6 , 5 9 2 $213,826 $ 4 2 , 2 7 5
Weighted average common stock outstanding
for basic earnings per share 160,737,023 150,463,452 1 4 4 , 8 3 0 , 3 5 2
Assumed conversion of:
C o n v e rtible pre f e rred stock 12,016,086 23,165,792 532,314
Stock options 2,052,983 1,695,806 2 8 , 2 8 4
Weighted average common shares for
diluted earnings per share calculation 174,806,092 175,325,050 1 4 5 , 3 9 0 , 9 5 0
Diluted earnings per share $ 1 . 7 5 $ 1 . 2 2 $ . 2 9
G . I n c o m e T a x e s
The provision for income taxes includes the following:
Fiscal Year Ended
J a n u a r y 31, J a n u a r y 25, J a n u a r y 27,
In Thousands 1 9 9 8 1 9 9 7 1 9 9 6
(53 weeks)
C u rre n t :
F e d e r a l $ 1 7 2 , 0 2 6 $ 1 1 6 , 8 4 8 $ 5 2 , 3 0 6
S t a t e 3 9 , 2 0 0 2 7 , 1 6 0 1 2 , 6 0 4
F o re i g n 8 , 1 1 7 8 , 0 7 9 2 , 8 4 3
D e f e rre d :
F e d e r a l ( 3 , 4 3 2 ) 3 3 ( 2 5 , 5 9 3 )
S t a t e ( 3 2 6 ) 4 6 2 ( 5 , 3 6 1 )
F o re i g n 9 4 ( 2 6 8 ) 4 0 8
P rovision for income taxes $ 2 1 5 , 6 7 9 $ 1 5 2 , 3 1 4 $ 3 7 , 2 0 7