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SU
PERVAL
U
IN
C
. and
S
ubsidiaries
N
OTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
P
ro Forma
C
ompensation Expense
H
ad compensation expense for the
5
2 weeks ended Februar
y
2
5
, 2006 and Februar
y
26, 200
5
been determine
d
b
ased on the fair value at the grant dates of stock-based awards, consistent with SFAS No. 123(R), net income
,
b
as
i
c earn
i
ngs per s
h
are, an
d dil
ute
d
earn
i
ngs per s
h
are wou
ld h
ave
b
een as
f
o
ll
ows:
Yea
r
E
n
ded
F
ebruary 25, 200
6
Yea
r
E
n
ded
F
ebruary 26, 2005
Net earnings, as reported
$
206
$
38
6
A
dd
: stoc
k
-
b
ase
d
compensat
i
on expense
i
nc
l
u
d
e
di
n reporte
d
net earn
i
ngs,
n
et o
f
re
l
ate
d
tax e
ff
ect 2
8
De
d
uct: tota
l
stoc
k
-
b
ase
d
emp
l
oyee compensat
i
on expense
d
eterm
i
ne
d
un
d
e
r
f
a
i
rva
l
ue
b
ase
d
met
h
o
df
or a
ll
awar
d
s, net o
f
re
l
ate
d
tax e
ff
ect (18) (24
)
Pro forma net earnin
g
s 190 370
Add: interest on dilutive convertible debentures, net of related tax effect 7
7
Pro forma net earnin
g
s for diluted earnin
g
s per share $ 197 $ 377
Earnin
g
s per share—basic
:
A
s reported $1.52 $2.8
6
P
ro
f
orma 1.4
0
2.74
Earn
i
ngs per s
h
are—
dil
ute
d
:
A
sre
p
orted 1.46 2.71
P
ro forma 1.3
6
2.
6
0
NOTE 13—TREA
S
URY
S
TOCK PURCHA
S
E PROGRAM
I
n June 200
6
, the Board of Directors authorized a stock repurchase program under which the Company is
a
uthorized to purchase up to the number of shares of common stock issued b
y
the Compan
y
upon the exercise o
f
employee stock options by the former employees of Albertsons who became employees of the Company. The
term of this program is from June 2, 200
6
to June 1, 2007, and shall not exceed 10 shares. During fiscal 2007, th
e
C
ompan
y
purchased 8 shares under the pro
g
ram at an avera
g
e cost of $29.26 per share. This authorization is i
n
a
ddition to the Company’s May 2004 share repurchase program
.
I
nMa
y
2004, the Board of Directors authorized a treasur
y
stock purchase pro
g
ram under which the Compan
y
is
a
uthorized to purchase up to
5
shares of the Company’s common stock for reissuance upon the exercise of
employee stock options and for other compensation programs utilizing the Company’s stock. In fiscal 2005, the
C
ompan
y
purchased approximatel
y
0.4 shares under the pro
g
ram at an avera
g
e cost of $27.73 per share. In fisca
l
2006, the Company purchased approximately 0.9 shares under the program at an average cost of
$
32.19 per
s
h
are. No repurc
h
ases were ma
d
eun
d
er t
hi
s program
d
ur
i
ng
fi
sca
l
2007. As o
f
Fe
b
ruary 24, 2007, approx
i
mate
l
y
4 shares remained available for purchase under this pro
g
ram
.
Su
b
sequent to
fi
sca
l
2007, t
h
e Company announce
d
a new s
h
are repurc
h
ase program to rep
l
ace a
ll
ex
i
st
i
ng s
h
are
repurchase pro
g
rams. For further information, see Note 19—Subsequent Events
.
F-
40