Whole Foods 2013 Annual Report Download - page 61

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52
Share repurchase activity for the fiscal years indicated was as follows (in millions, except per share amounts):
2013 2012
Number of common shares acquired 2.6 0.7
Average price per common share acquired $ 48.70 $ 41.34
Total cost of common shares acquired $ 125 $ 28
Subsequent to fiscal year-end, the Company’s Board of Directors authorized a new share repurchase program whereby the
Company may make up to $500 million in stock purchases of outstanding shares of common stock of the Company through
December 31, 2015. This repurchase program is in addition to, and does not supersede or modify, the Company’s previously
authorized program to repurchase an amount of outstanding common shares of the Company having an aggregate value of $300
million through December 31, 2014 bringing the Company’s total share repurchase authority to $800 million.
Under the repurchase programs, purchases can be made from time to time using a variety of methods, which may include open
market purchases or purchases through a Rule 10b5-1 trading plan, all in accordance with Securities and Exchange Commission
and other applicable legal requirements. The specific timing, price and size of purchases will depend on prevailing stock prices,
general economic conditions and market conditions, and other considerations. The repurchase programs do not obligate the
Company to acquire any particular amount of common stock and may be suspended or discontinued at any time at the Company’s
discretion.
(12) Earnings per Share
The computation of basic earnings per share is based on the number of weighted average common shares outstanding during
the period. The computation of diluted earnings per share includes the dilutive effect of common stock equivalents consisting
of incremental common shares deemed outstanding from the assumed exercise of stock options and the dilutive effect of restricted
stock awards.
A reconciliation of the numerators and denominators of the basic and diluted earnings per share calculations for the fiscal years
indicated follows (in millions, except per share amounts):
2013 2012 2011
Net income (numerator for basic and diluted earnings per share) $ 551 $ 466 $ 343
Weighted average common shares outstanding
(denominator for basic earnings per share) 371.2 364.8 350.5
Potential common shares outstanding:
Incremental shares from assumed exercise of stock options 3.3 4.1 4.1
Weighted average common shares outstanding and potential additional
common shares outstanding (denominator for diluted earnings per share) 374.5 368.9 354.6
Basic earnings per share $ 1.48 $ 1.28 $ 0.98
Diluted earnings per share $ 1.47 $ 1.26 $ 0.97
The computation of diluted earnings per share for the fiscal years 2013, 2012 and 2011 does not include options to purchase
approximately 7.1 million shares, 0.8 million shares and 11.6 million shares of common stock, respectively, due to their
antidilutive effect. The dilutive effect of restricted stock awards was not material.