Big Lots 2015 Annual Report Download - page 132
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55
NOTE 6 – SHAREHOLDERS’ EQUITY
Earnings per Share
There were no adjustments required to be made to weighted-average common shares outstanding for purposes of computing
basic and diluted earnings per share and there were no securities outstanding in any year presented, which were excluded from
the computation of earnings per share other than antidilutive stock options, restricted stock awards, and restricted stock units.
Stock options outstanding that were excluded from the diluted share calculation because their impact was antidilutive at the end
of 2015, 2014, and 2013 were as follows:
(In millions) 2015 2014 2013
Antidilutive stock options excluded from dilutive share calculation 0.1 1.1 2.8
Antidilutive options are excluded from the calculation because they decrease the number of diluted shares outstanding under
the treasury stock method. Antidilutive options are generally outstanding options where the exercise price per share is greater
than the weighted-average market price per share for our common shares for each period. The restricted stock awards and
restricted stock units that were antidilutive, as determined under the treasury stock method, were immaterial for all years
presented.
A reconciliation of the number of weighted-average common shares outstanding used in the basic and diluted earnings per
share computations is as follows:
(In thousands) 2015 2014 2013
Weighted-average common shares outstanding:
Basic 50,517 54,935 57,415
Dilutive effect of share-based awards 447 617 543
Diluted 50,964 55,552 57,958
Share Repurchase Programs
On March 4, 2015, our Board of Directors authorized a share repurchase program providing for the repurchase of $200 million
of our common shares (“2015 Repurchase Program”). The 2015 Repurchase Program was exhausted during the second quarter
of 2015. During 2015, we acquired approximately 4.4 million of our outstanding common shares for $200 million under the
2015 Repurchase Program.
Common shares acquired through repurchase programs are held in treasury at cost and are available to meet obligations under
equity compensation plans and for general corporate purposes.
Dividends
The Company declared and paid cash dividends per common share during the periods presented as follows:
Dividends
Per Share
Amount
Declared Amount Paid
2014: (in thousands) (in thousands)
Second quarter $ 0.17 $ 9,585 $ 9,366
Third quarter 0.17 9,718 9,457
Fourth quarter 0.17 9,230 9,005
Total $ 0.51 $ 28,533 $ 27,828
2015: (in thousands) (in thousands)
First quarter $ 0.19 $ 10,479 $ 10,197
Second quarter 0.19 10,069 9,734
Third quarter 0.19 9,549 9,267
Fourth quarter 0.19 9,637 9,332
Total $ 0.76 $ 39,734 $ 38,530