Earnings per Share and Stock Repurchase Program

3 Months Ended

Mar. 29, 2020

Earnings per Share and Stock Repurchase Program

Earnings per Share and Stock Repurchase Program

6. Earnings per Share and Stock Repurchase Program

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

	For the First Quarter Ended March 29, 2020					For the First Quarter Ended March 31, 2019
	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	$	32.0	34.0	$	0.94	$	31.0	34.2	$	0.91
Effect of dilutive securities:
Common stock equivalents			0.1		—			—		—
Diluted EPS:
Net income	$	32.0	34.1	$	0.94	$	31.0	34.2	$	0.91

There were no options to purchase Class A common stock outstanding during the first quarters ended March 29, 2020 or March 31, 2019 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 $100 million stock repurchase program was completely expended by August 2019. As of March 29, 2020, there was $127.6 million remaining authorized for share repurchases under the $150 million program.

The following table summarizes the cost and the number of shares of Class A common stock repurchased under the two repurchase programs during the first quarter ended March 29, 2020 and March 31, 2019:

	For the First Quarter Ended			For the First Quarter Ended
	March 29, 2020			March 31, 2019
	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:
$100 million	—		—	74,409	$	5.6
$150 million	174,707	$	14.7	—		—
Total stock repurchased during the period:	174,707	$	14.7	74,409	$	5.6