Best Buy 2011 Annual Report Download - page 110
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$ in millions, except per share amounts or as otherwise noted
awards and nonvested performance-based share awards are included in the average diluted shares outstanding each
period if established market or performance criteria have been met at the end of the respective periods.
At February 26, 2011, options to purchase 35.6 million shares of common stock were outstanding as follows (shares in
millions):
Exercisable Unexercisable Total
Weighted- Weighted- Weighted-
Average Average Average
Price Price Price
Shares % per Share Shares % per Share Shares % per Share
In-the-money 9.0 41 $30.61 8.5 61 $33.59 17.5 49 $32.06
Out-of-the-money 12.7 59 46.83 5.4 39 42.78 18.1 51 45.63
Total 21.7 100 $40.14 13.9 100 $37.13 35.6 100 $38.97
The computation of dilutive shares outstanding excludes the out-of-the-money stock options because such outstanding
options’ exercise prices were greater than the average market price of our common shares and, therefore, the effect would
be antidilutive (i.e., including such options would result in higher earnings per share).
The following table presents a reconciliation of the numerators and denominators of basic and diluted earnings per share
in fiscal 2011, 2010 and 2009:
2011 2010 2009
Numerator:
Net earnings attributable to Best Buy Co., Inc., basic $1,277 $1,317 $1,003
Adjustment for assumed dilution:
Interest on convertible debentures due in 2022, net of tax 6 6 6
Net earnings attributable to Best Buy Co., Inc., diluted $1,283 $1,323 $1,009
Denominator (in millions):
Weighted-average common shares outstanding 406.1 416.8 412.5
Effect of potentially dilutive securities:
Shares from assumed conversion of convertible debentures 8.8 8.8 8.8
Stock options and other 1.6 1.9 1.6
Weighted-average common shares outstanding, assuming dilution 416.5 427.5 422.9
Net earnings per share attributable to Best Buy Co., Inc.
Basic $ 3.14 $ 3.16 $ 2.43
Diluted $ 3.08 $ 3.10 $ 2.39
Repurchase of Common Stock
In June 2007, our Board of Directors authorized up to $5,500 in share repurchases, a program that terminated and
replaced our prior $1,500 share repurchase program authorized in June 2006. There is no expiration date governing the
period over which we can repurchase shares under the June 2007 share repurchase program. At February 26, 2011,
$1,307 remains available for future purchases under the June 2007 share repurchase program. Repurchased shares have
been retired and constitute authorized but unissued shares.
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