Earnings Per Share

9 Months Ended

Sep. 30, 2023

Earnings Per Share [Abstract]

Earnings Per Share

Earnings Per Share

The following table reconciles the numerators and denominators used in the calculation of basic and diluted earnings per share ("EPS"):

	Three Months Ended				Nine Months Ended
	September 30, 2023		October 1, 2022		September 30, 2023		October 1, 2022
Numerator:
Numerator for both basic and diluted EPS attributable to HNI Corporation net income	$	37.8	$	63.1	$	26.5	$	107.6
Denominators:
Denominator for basic EPS weighted-average common shares outstanding	46.6		41.3		43.8		41.8
Potentially dilutive shares from stock-based compensation plans	0.8		0.5		0.7		0.5
Denominator for diluted EPS	47.3		41.8		44.5		42.3
Earnings per share – basic	$	0.81	$	1.53	$	0.60	$	2.57
Earnings per share – diluted	$	0.80	$	1.51	$	0.60	$	2.54

The year-over-year increase in shares outstanding is primarily due to the issuance of 4.7 million shares in June 2023 as part of the consideration to acquire Kimball International.

The weighted-average common stock equivalents presented above do not include the effect of the common stock equivalents in the table below because their inclusion would be anti-dilutive:

	Three Months Ended		Nine Months Ended
	September 30, 2023	October 1, 2022	September 30, 2023	October 1, 2022
Common stock equivalents excluded because their inclusion would be anti-dilutive	2.1	2.0	2.1	1.9