Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

Earnings Per Share

9 Months Ended

Oct. 29, 2016

Earnings Per Share Attributable to Macy's, Inc. Shareholders

The following tables set forth the computation of basic and diluted earnings per share attributable to Macy's, Inc. shareholders:



	13 Weeks Ended
	October 29, 2016					October 31, 2015
	Net Income				Shares	Net Income				Shares
	(millions, except per share data)
Net income attributable to Macy's, Inc. shareholders and average number of shares outstanding	$	17			307.5	$	118			324.5
Shares to be issued under deferred compensation and other plans					0.9					0.8
	$	17			308.4	$	118			325.3
Basic earnings per share attributable to Macy's, Inc. shareholders			$	.05				$	.36
Effect of dilutive securities:
Stock options, restricted stock and restricted stock units					2.2					4.4
	$	17			310.6	$	118			329.7
Diluted earnings per share attributable to Macy's, Inc. shareholders			$	.05				$	.36



	39 Weeks Ended
	October 29, 2016					October 31, 2015
	Net Income				Shares	Net Income				Shares
	(millions, except per share data)
Net income attributable to Macy's, Inc. shareholders and average number of shares outstanding	$	144			308.6	$	528			333.0
Shares to be issued under deferred compensation and other plans					0.9					0.9
	$	144			309.5	$	528			333.9
Basic earnings per share attributable to Macy's, Inc. shareholders			$	.46				$	1.58
Effect of dilutive securities:
Stock options, restricted stock and restricted stock units					2.3					5.1
	$	144			311.8	$	528			339.0
Diluted earnings per share attributable to Macy's, Inc. shareholders			$	.46				$	1.56

In addition to the stock options, restricted stock and restricted stock units reflected in the foregoing tables, stock options to purchase 15.7 million shares of common stock and restricted stock units relating to 0.7 million shares of common stock were outstanding at October 29, 2016, but were not included in the computation of diluted earnings per share for the 13 and 39 weeks ended October 29, 2016 because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met.

In addition to the stock options, restricted stock and restricted stock units reflected in the foregoing tables, stock options to purchase 6.2 million shares of common stock and restricted stock units relating to 0.7 million shares of common stock were outstanding at October 31, 2015, but were not included in the computation of diluted earnings per share for the 13 and 39 weeks ended October 31, 2015 because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met.