Equity

12 Months Ended

Dec. 31, 2020

Employee Stock Purchase Plan

The Company maintains the Spirit AeroSystems Holdings, Inc. Employee Stock Purchase Plan (the “ESPP”), which became effective on October 1, 2017 and was amended and restated on January 21, 2020. The ESPP is implemented over consecutive six-month offering periods, beginning on April 1 and October 1 of each year and ending on the last day of September and March, respectively. Shares are issued on the last trading day of each six-month offering period. Generally, any person who is employed by the Company, Spirit or by a subsidiary or affiliate of the Company that has been designated by the Compensation Committee may participate in the ESPP. As of December 31, 2020, the number of remaining ESPP shares available for future issuances was 818,197.

The maximum number of shares of the Company's Common Stock that may be purchased under the ESPP will be 1,000,000 shares, subject to adjustment for stock dividends, stock splits or combinations of shares of the Company's stock. The per-share purchase price for the Company's Common Stock purchased under the ESPP is 95% of the fair market value of a share of such stock on the last day of the offering period.

Dividends

On February 6, 2020, the Company paid a quarterly cash dividend to shareholders of record on December 16, 2019 of $0.12 per share. On February 6, 2020, the Company announced that its Board of Directors reduced its quarterly dividend to a penny per share to preserve liquidity. For the remaining three quarter in 2020, the Company paid a quarterly dividend to shareholders of $0.01 per share. The total amount of dividends paid during 2020 was $15.4. The Board regularly evaluates the Company's capital allocation strategy and dividend policy. Any future determination to continue to pay dividends will be at the discretion of the Company's Board of Directors and will depend upon, among other factors, the Company's results of operations, financial condition, capital requirements and contractual restrictions, including the requirements of financing agreements to which the Company may be a party. No assurance can be given that cash dividends will continue to be declared and paid at historical levels or at all.

Earnings per Share Calculation

Basic net income per share is computed using the weighted-average number of outstanding shares of Common Stock during the measurement period. Diluted net income per share is computed using the weighted-average number of outstanding shares of Common Stock and, when dilutive, potential outstanding shares of Common Stock during the measurement period.

The following table sets forth the computation of basic and diluted earnings per share:


	For the Twelve Months Ended
	December 31, 2020					December 31, 2019					December 31, 2018
	Income		Shares	Per Share Amount		Income		Shares	Per Share Amount		Loss		Shares	Per Share Amount
Basic EPS
(Loss) income available to common shareholders	$	(870.3)	103.9	$	(8.38)	$	529.7	103.6	$	5.11	$	616.5	108.0	$	5.71
Income allocated to participating securities	—		—			0.4		0.1			0.5		0.1
Net (loss) income	$	(870.3)				$	530.1				$	617.0
Diluted potential common shares								1.0					1.0
Diluted EPS
Net (loss) income	$	(870.3)	103.9	$	(8.38)	$	530.1	104.7	$	5.06	$	617.0	109.1	$	5.65

Included in the outstanding common shares were 1.5 million, 1.4 million and 1.4 million of issued but unvested shares at December 31, 2020, 2019 and 2018, respectively, which are excluded from the basic EPS calculation.

Accumulated Other Comprehensive Loss

Accumulated Other Comprehensive Loss, net of tax, is summarized by component as follows:


	December 31, 2020		December 31, 2019
Interest swaps	$	(0.9)	$	(0.6)
Pension(1)	(112.0)		(53.1)
SERP/ Retiree medical	14.5		17.1
Foreign currency impact on long term intercompany loan	(11.8)		(13.1)
Currency translation adjustment	(43.9)		(59.5)
Total accumulated other comprehensive loss	$	(154.1)	$	(109.2)

(1) The pension impact to Accumulated Other Comprehensive Income is primarily due to the Bombardier Acquisition.

Amortization or settlement cost recognition of the pension plans’ net gain/(loss) reclassified from accumulated other comprehensive loss and realized into costs of sales and selling, general and administrative on the consolidated statements of operations was ($9.5), ($3.7) and $0.3 for the twelve months ended December 31, 2020, 2019 and 2018, respectively.

Non-controlling Interest

Non-controlling interest at December 31, 2020 remained unchanged from the prior year at $0.5.

Repurchases of Common Stock

The Company accounts for treasury stock under the cost method and includes treasury stock as a component of stockholders’ equity. As of December 31, 2020, no treasury shares have been reissued or retired.

During the twelve month ended December 31, 2019, the Company repurchased 0.8 million shares of its Common Stock for $75.8. During the twelve month ended December 31, 2020 the Company purchased zero shares of its Common Stock under this share repurchase program. As a result, the total authorization amount remaining under the current share repurchase program is approximately $925.0. Share repurchases are currently on hold due to the impacts of the B737 MAX grounding and the COVID-19 pandemic. The Credit Agreement imposes additional restrictions on the Company’s ability to repurchase shares.

During the 3 months ended December 31, 2020, 15,578 shares were transferred to us from employees in satisfaction of tax withholding obligations associated with the vesting of restricted stock awards under the Omnibus Plan.

Rights Plan

On April 22, 2020, the Company’s Board of Directors declared a dividend of one right (a “Right”) for each outstanding share of Common Stock held of record at the close of business on May 1, 2020 (the “Record Time”), and adopted a stockholder rights plan, as set forth in the Stockholder Protection Rights Agreement, dated as of April 22, 2020 (the “Rights Agreement”), between the Company and Computershare Inc., as Rights Agent. Generally, the Rights may cause substantial dilution to a person or group that acquires 10% (or 20% in the case of a passive institutional investor) or more of the Common Stock unless the Rights are first redeemed or the Rights Agreement is terminated by the Board. While the Rights will not prevent a takeover of the Company, they may discourage a merger, tender or exchange offer or other business combination involving the Company that is not approved by the Board. Nevertheless, the Rights will not interfere with a Board-approved transaction that is in the best interests of the Company and its stockholders because the Rights can be redeemed, or the Rights Agreement terminated, on or prior to the consummation of such a transaction. Prior to exercise, the Rights do not confer voting or dividend rights. The Rights Agreement will expire on April 22, 2021 per its terms.