Earnings per Share and Stock Repurchase Program

9 Months Ended

Sep. 25, 2022

Earnings per Share and Stock Repurchase Program

Earnings per Share and Stock Repurchase Program

6. Earnings per Share and Stock Repurchase Program

The following table sets forth the reconciliation of the calculation of earnings per share:

	For the Third Quarter Ended September 25, 2022					For the Third Quarter Ended September 26, 2021
	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	$	58.7	33.4	$	1.76	$	46.4	33.7	$	1.38
Effect of dilutive securities:
Common stock equivalents			0.1		(0.01)			0.2		(0.01)
Diluted EPS:
Net income	$	58.7	33.5	$	1.75	$	46.4	33.9	$	1.37

	For the Nine Months Ended September 25, 2022					For the Nine Months Ended September 26, 2021
	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	$	182.9	33.5	$	5.46	$	125.6	33.8	$	3.72
Effect of dilutive securities:
Common stock equivalents			0.2		(0.03)			0.1		(0.02)
Diluted EPS:
Net income	$	182.9	33.7	$	5.43	$	125.6	33.9	$	3.70

There were no options to purchase Class A common stock outstanding during the third quarters and nine months ended September 25, 2022 or September 26, 2021 that would have been anti-dilutive.

On February 6, 2019, the Company’s Board of Directors authorized the repurchase 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 the stock repurchase program, the Company entered into Rule 10b5-1 plans, which permit 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 plans the Company entered into with respect to the repurchase program. As of September 25, 2022, there was $32.3 million remaining authorized for share repurchases under the $150 million program.

For the third quarters ended September 25, 2022 and September 26, 2021, the Company repurchased 29,333 shares for $3.9 million and 25,375 shares for $4.0 million, respectively. For the nine months ended September 25, 2022 and September 26, 2021, the Company repurchased 462,956 shares for $65.1 million and 87,445 shares for $11.8 million, respectively.