Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

Earnings Per Share

12 Months Ended

Feb. 03, 2018

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

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



	2017					2016					2015
	Net Income				Shares	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	$	1,547			304.5	$	619			307.6	$	1,072			327.6
Shares to be issued under deferred compensation and other plans					0.9					0.9					0.8
	$	1,547			305.4	$	619			308.5	$	1,072			328.4
Basic earnings per share attributable to Macy's, Inc. shareholders			$	5.07				$	2.01				$	3.26
Effect of dilutive securities:
Stock options, restricted stock and restricted stock units					1.4					2.3					4.6
	$	1,547			306.8	$	619			310.8	$	1,072			333.0
Diluted earnings per share attributable to Macy's, Inc. shareholders			$	5.04				$	1.99				$	3.22

In addition to the stock options and restricted stock units reflected in the foregoing table, stock options to purchase 16.6 million shares of Common Stock and restricted stock units relating to 0.9 million shares of Common Stock were outstanding at February 3, 2018, stock options to purchase 15.5 million of shares of Common Stock and restricted stock units relating to 1.1 million shares of Common Stock were outstanding at January 28, 2017, and stock options to purchase 12.6 million of shares of Common Stock and restricted stock units relating to 140,000 shares of Common Stock were outstanding at January 30, 2016, but were not included in the computation of diluted earnings per share attributable to Macy's, Inc. shareholders for 2017, 2016 and 2015, respectively, because their inclusion would have been antidilutive or they were subject to performance conditions that had not been met.