TJ Maxx 2000 Annual Report Download - page 13

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EARNINGS PER SHARE: The following schedule presents the calculation of basic and diluted earnings per share for income from
continuing operations:
Fiscal Year Ended
January 27, January 29, January 30,
Dollars In Thousands Except Per Share Amounts 2001 2000 1999
BASIC EARNINGS PER SHARE:
Income from continuing operations before
cumulative effect of accounting change $538,066 $526,822 $433,202
Less preferred stock dividends ––3,523
Income from continuing operations before cumulative effect of
accounting change available to common shareholders $538,066 $526,822 $429,679
Weighted average common stock outstanding
for basic earnings per share calculation 287,440,637 314,577,145 318,073,081
Basic earnings per share $1.87 $1.67 $1.35
DILUTED EARNINGS PER SHARE:
Income from continuing operations before cumulative effect of
accounting change available to common shareholders $538,066 $526,822 $429,679
Add preferred stock dividends ––3,523
Income from continuing operations before
cumulative effect of accounting change for diluted
earnings per share calculation $538,066 $526,822 $433,202
Weighted average common stock outstanding
for basic earnings per share calculation 287,440,637 314,577,145 318,073,081
Assumed conversion/exercise of:
Convertible preferred stock ––10,914,354
Stock options and awards 1,755,591 3,213,619 5,660,515
Weighted average common shares for
diluted earnings per share calculation 289,196,228 317,790,764 334,647,950
Diluted earnings per share $1.86 $1.66 $1.29
The weighted average common shares for the diluted earnings per share calculation exclude the incremental effect related to
outstanding stock options whose exercise price is in excess of the average price of TJX’s common stock. Such options are excluded
because they would have an antidilutive affect. These options amounted to 4.6 million as of January 27, 2001 and 3.1 million as of
January 29, 2000. There were 28,000 antidilutive options excluded from the calculation at January 30, 1999.
H. INCOME TAXES
The provision for income taxes includes the following:
Fiscal Year Ended
January 27, January 29, January 30,
In Thousands 2001 2000 1999
CURRENT:
Federal $272,075 $255,277 $231,811
State 51,217 49,836 45,117
Foreign 27,819 20,212 13,784
DEFERRED:
Federal (22,359) 3,885 (13,084)
State (2,269) 1,984 (2,306)
Foreign 393 (4,079) (4,512)
Provision for income taxes $326,876 $327,115 $270,810
THE TJX COMPANIES, INC.
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