Staples 2015 Annual Report Download - page 152
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APPENDIX C
C-35 STAPLES Form 10-K
STAPLES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements (continued)
NOTE N — SHARE REPURCHASE PLAN
On September 13, 2011, the Company announced a
repurchase program had been approved by the Board of
Directors (the “2011 Repurchase Plan”). Under this plan, the
Company is authorized to repurchase up to $1.5 billion of
common stock in both open market and privately negotiated
transactions. The 2011 Repurchase Plan has no expiration
date and may be suspended or discontinued at any time.
As a result of the Company’s proposed acquisition of Office
Depot (see Note R - Proposed Acquisition of Office Depot),
in the fourth quarter of 2014 the Company temporarily
suspended the 2011 Repurchase Plan to focus on building
up cash reserves ahead of the acquisition. The Company did
not repurchase any shares in 2015. Prior to the plan being
suspended, a total of $1.13 billion had been spent to repurchase
83 million shares, and therefore the remaining repurchase
authorization as of January 30, 2016 was $373 million.
NOTE O — COMPUTATION OF EARNINGS PER COMMON
SHARE
The computation of basic and diluted earnings per share for 2015, 2014 and 2013 is as follows (in millions, except per share data):
Fiscal Year Ended
January 30, 2016 January 31, 2015 February 1, 2014
Numerator:
Income from continuing operations $379 $135 $707
Loss from discontinued operations — — (87)
Net income $379 $135 $620
Denominator:
Weighted-average common shares outstanding 642 641 652
Effect of dilutive securities:
Employee stock options and restricted shares
(including performance-based awards) 5 5 6
Weighted-average common shares outstanding assuming dilution 647 646 658
Basic Earnings Per Common Share:
Continuing operations $0.59 $0.21 $1.08
Discontinued operations — — (0.13)
Net income $0.59 $0.21 $0.95
Diluted Earnings Per Common Share:
Continuing operations $0.59 $0.21 $1.07
Discontinued operations — — (0.13)
Net income $0.59 $0.21 $0.94
For 2015, 2014 and 2013, approximately 20 million, 30 million and 36 million equity instruments, respectively, were excluded from
the calculation of diluted earnings per share as their inclusion would have been anti-dilutive.
NOTE P — SEGMENT REPORTING
Staples has three reportable segments: North American
Stores & Online, North American Commercial and International
Operations. North American Stores & Online sells products and
services to customers in the United States and Canada. North
American Commercial consists of the U.S. and Canadian
businesses that sell and deliver products and services
directly to businesses and includes Staples Advantage and
Quill.com. The International Operations segment consists of
businesses that sell and deliver products and services directly
to consumers and businesses in 23 countries in Europe,
Australia, South America and Asia.