Earnings per Share and Stock Repurchase Program

9 Months Ended

Sep. 29, 2019

Earnings per Share and Stock Repurchase Program

Earnings per Share and Stock Repurchase Program

8. Earnings per Share and Stock Repurchase Program

The following tables set forth the reconciliation of the calculation of earnings per share:

	For the Third Quarter Ended September 29, 2019					For the Third Quarter Ended September 30, 2018
	Income		Shares	Per Share		Income		Shares	Per Share
	(Numerator)		(Denominator)	Amount		(Numerator)		(Denominator)	Amount
	(Amounts in millions, except per share information)
Basic EPS:
Net income	$	32.3	34.0	$	0.95	$	31.5	34.3	$	0.92
Effect of dilutive securities:
Common stock equivalents			0.2		(0.01)			0.1
Diluted EPS:
Net income	$	32.3	34.2	$	0.94	$	31.5	34.4	$	0.92

	For the Nine Months Ended September 29, 2019					For the Nine Months Ended September 30, 2018
	Income		Shares	Per Share		Income		Shares	Per Share
	(Numerator)		(Denominator)	Amount		(Numerator)		(Denominator)	Amount
	(Amounts in millions, except per share information)
Basic EPS:
Net income	$	99.7	34.1	$	2.92	$	95.7	34.3	$	2.79
Effect of dilutive securities:
Common stock equivalents			0.1		(0.01)			0.1		(0.01)
Diluted EPS:
Net income	$	99.7	34.2	$	2.91	$	95.7	34.4	$	2.78

There were no options to purchase Class A common stock outstanding during the third quarters and nine months ended September 29, 2019 or September 30, 2018 that would have been anti-dilutive.

On July 27, 2015, the Company’s Board of Directors authorized the repurchase of up to $100 million of the Company’s Class A common stock from time to time on the open market or in privately negotiated transactions. On February 6, 2019, the Board of Directors authorized an additional stock repurchase program of up to $150 million of the Company’s Class A common stock to be purchased from time to time on the open market or in privately negotiated transactions. For both stock repurchase programs, the Company has entered into a Rule 10b5-1 plan, which permits shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time, subject to the terms of the Rule 10b5-1 plan the Company entered into with respect to the repurchase program. The July 27, 2015 stock repurchase program was completed in August 2019 after the Company expended the entire $100 million authorized under the program. As of September 29, 2019, there was approximately $147.0 million remaining authorized for share repurchases under the February 6, 2019 program.

The following table summarizes the cost and the number of shares of Class A common stock repurchased under the July 27, 2015 and February 6, 2019 programs during the third quarter and nine months ended September 29, 2019 and September 30, 2018:

	For the Third Quarter Ended			For the Third Quarter Ended
	September 29, 2019			September 30, 2018
	Number of shares	Cost of shares		Number of shares	Cost of shares
	repurchased	repurchased		repurchased	repurchased
	(Amounts in millions, except share amount)
Stock repurchase programs:
July 27 2015	15,907	$	1.5	57,156	$	4.7
February 6, 2019	32,036		3.0	—		—
Total stock repurchased during the period:	47,943	$	4.5	57,156	$	4.7

	For the Nine Months Ended			For the Nine Months Ended
	September 29, 2019			September 30, 2018
	Number of shares	Cost of shares		Number of shares	Cost of shares
	repurchased	repurchased		repurchased	repurchased
	(Amounts in millions, except share amount)
Stock repurchase programs:
July 27 2015	146,304	$	11.8	195,790	$	15.5
February 6, 2019	32,036		3.0	—		—
Total stock repurchased during the period:	178,340	$	14.8	195,790	$	15.5