Remaining amount authorized to be repurchased

[Table of Contents](#i16ebb68f4bd84ff99a771b20ec27c3fc_7)The aggregate fair values and carrying values of our long-term borrowings were as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  | January 29, 2022 |  | January 30, 2021 |
| (in millions) |  | Fair Value |  | Carrying Value |  | Fair Value |  | Carrying Value |
| Level 1 |  |  |  |   |  |  |  |   |
| Senior Notes |  | $ | 3,558.5  |  |  | $ | 3,423.4  |  |  | $ | 3,654.4  |  |  | $ | 3,231.5  |  |

The fair values of our Senior Notes were determined using Level 1 inputs as quoted prices in active markets for identical assets or liabilities are available. The carrying value of our Revolving Credit Facility approximates its fair value because the interest rates vary with market interest rates.Note 8 - Shareholders’ EquityPreferred StockWe are authorized to issue 10,000,000 shares of Preferred Stock, $0.01 par value per share. No preferred shares are issued and outstanding at January 29, 2022 and January 30, 2021.Net Income Per ShareThe following table sets forth the calculations of basic and diluted net income per share:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   |  | Year Ended |
|   |  | January 29, |  | January 30, |  | February 1, |
| (in millions, except per share data) |  | 2022 |  | 2021 |  | 2020 |
| Basic net income per share: |  |   |  |   |  |   |
| Net income |  | $ | 1,327.9  |  |  | $ | 1,341.9  |  |  | $ | 827.0  |  |
| Weighted average number of shares outstanding |  | 227.9  |  |  | 236.4  |  |  | 237.2  |  |
| Basic net income per share |  | $ | 5.83  |  |  | $ | 5.68  |  |  | $ | 3.49  |  |
| Diluted net income per share: |  |   |  |   |  |   |
| Net income |  | $ | 1,327.9  |  |  | $ | 1,341.9  |  |  | $ | 827.0  |  |
| Weighted average number of shares outstanding |  | 227.9  |  |  | 236.4  |  |  | 237.2  |  |
| Dilutive effect of stock options and restricted stock (as determined by   applying the treasury stock method) |  | 1.1  |  |  | 0.9  |  |  | 1.1  |  |
| Weighted average number of shares and dilutive potential shares   outstanding |  | 229.0  |  |  | 237.3  |  |  | 238.3  |  |
| Diluted net income per share |  | $ | 5.80  |  |  | $ | 5.65  |  |  | $ | 3.47  |  |

At January 29, 2022, January 30, 2021 and February 1, 2020, substantially all of the stock options outstanding were included in the calculation of the weighted average number of shares and dilutive potential shares outstanding.Share Repurchase ProgramsWe repurchased 9,156,898, 3,982,478 and 1,967,355 shares of common stock on the open market in fiscal 2021, fiscal 2020 and fiscal 2019, respectively, for $950.0 million, $400.0 million and $200.0 million, respectively. At January 29, 2022, we had $2.5 billion remaining under Board repurchase authorization.Note 9 – Employee Benefit PlansDollar Tree Retirement Savings PlanWe maintain a 401(k) plan which is available to all full-time, United States-based employees over 21 years of age. Eligible employees may make elective salary deferrals. We may make contributions, at our discretion, to eligible employees who have completed one year of service in which they have worked at least 1,000 hours.  
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