TJ Maxx 2004 Annual Report Download - page 73

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The following schedule presents the calculation of basic and diluted earnings per share:
Fiscal Year Ended
Amounts In Thousands January 29, January 31, January 25,
Except Per Share Amounts 2005 2004 2003
(53 Weeks)
Basic earnings per share:
Net income $664,144 $658,365 $578,388
Weighted average common stock outstanding for basic earnings per share calculation 488,809 508,359 532,241
Basic earnings per share $ 1.36 $ 1.30 $ 1.09
Diluted earnings per share:
Net income $664,144 $658,365 $578,388
Add back: Interest expense on zero coupon convertible subordinated notes, net of
income taxes 4,482 4,823 4,810
Net income used for diluted earnings per share calculation $668,626 $663,188 $583,198
Weighted average common stock outstanding for basic earnings per share calculation 488,809 508,359 532,241
Assumed conversion/exercise of:
Convertible subordinated notes 16,905 16,905 16,905
Stock options and awards 6,935 4,515 5,499
Weighted average common shares for diluted earnings per share calculation 512,649 529,779 554,645
Diluted earnings per share $ 1.30 $ 1.25 $ 1.05
The weighted average common shares for the diluted earnings per share calculation exclude the incremental effect related to
outstanding stock options, the exercise price of which is in excess of the related fiscal year’s average price of TJX’s common stock.
Such options are excluded because they would have an antidilutive effect. There were no such options excluded as of January 29,
2005. As of January 31, 2004 and January 25, 2003, these options amounted to 22.7 million and 11.2 million, respectively.
H. Income Taxes
The provision for income taxes includes the following:
Fiscal Year Ended
January 29, January 31, January 25,
In Thousands 2005 2004 2003
(53 Weeks)
Current:
Federal $289,949 $244,538 $218,857
State 67,934 55,471 47,894
Foreign 16,499 25,190 20,758
Deferred:
Federal 29,211 70,496 57,125
State (2,203) 4,990 5,558
Foreign 14,159 9,276 9,144
Provision for income taxes $415,549 $409,961 $359,336
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