Best Buy 2014 Annual Report Download - page 92

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87
At February 1, 2014, options to purchase 22.1 million shares of common stock were outstanding as follows (shares in millions):
Exercisable Unexercisable Total
Shares %
Weighted-
Average Price
per Share Shares %
Weighted-
Average Price
per Share Shares %
Weighted-
Average Price
per Share
In-the-money 2.6 15% $ 23.84 4.3 83% $ 21.45 6.9 31% $ 22.36
Out-of-the-money 14.3 85% $ 43.14 0.9 17% $ 36.91 15.2 69% $ 42.77
Total 16.9 100% $ 40.11 5.2 100% $ 24.16 22.1 100% $ 36.38
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 anti-
dilutive (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 2014, 2013 (11-month) and 2012:
12-Month 11-Month 12-Month
2014 2013(1) 2012
Numerator (in millions):
Net earnings (loss) from continuing operations $ 689 $ (467) $ 1,424
Net earnings from continuing operations attributable to noncontrolling interests (2)(2)(3)
Net earnings (loss) from continuing operations attributable to Best Buy Co., Inc.,
shareholders, basic 687 (469) 1,421
Adjustment for assumed dilution:
Interest on convertible debentures due in 2022, net of tax — — 5
Net earnings (loss) from continuing operations attributable to Best Buy Co., Inc.,
shareholders, diluted $ 687 $ (469) $ 1,426
Denominator (in millions):
Weighted-average common shares outstanding 342.1 338.6 366.3
Effect of potentially dilutive securities:
Shares from assumed conversion of convertible debentures — — 7.6
Stock options and other 5.5 — 0.6
Weighted-average common shares outstanding, assuming dilution 347.6 338.6 374.5
Net earnings (loss) per share from continuing operations attributable to Best Buy Co.,
Inc. shareholders
Basic $ 2.01 $ (1.38) $ 3.88
Diluted $ 1.98 $ (1.38) $ 3.81
(1) The calculation of diluted loss per share for fiscal 2013 (11-month) does not include potentially dilutive securities because their inclusion would be anti-
dilutive (i.e., reduce the net loss per share).
Repurchase of Common Stock
In June 2011, our Board of Directors authorized a $5.0 billion share repurchase program. The June 2011 program replaced our
prior $5.5 billion share repurchase program authorized in June 2007. There is no expiration date governing the period over
which we can repurchase shares under the June 2011 share repurchase program.