Earnings per Share and Stock Repurchase Program

6 Months Ended

Jun. 25, 2023

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 Second Quarter Ended June 25, 2023					For the Second Quarter Ended June 26, 2022
	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	$	75.9	33.5	$	2.27	$	69.7	33.5	$	2.08
Effect of dilutive securities:
Common stock equivalents			0.1		(0.01)			0.1		(0.01)
Diluted EPS:
Net income	$	75.9	33.6	$	2.26	$	69.7	33.6	$	2.07

	For the Six Months Ended June 25, 2023					For the Six Months Ended June 26, 2022
	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	$	140.6	33.4	$	4.21	$	124.2	33.6	$	3.70
Effect of dilutive securities:
Common stock equivalents			0.1		(0.02)			0.1		(0.02)
Diluted EPS:
Net income	$	140.6	33.5	$	4.19	$	124.2	33.7	$	3.68

There were no options to purchase Class A common stock outstanding during the second quarters and six months ended June 25, 2023 or June 26, 2022 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 has 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 June 25, 2023, there was $20.3 million remaining authorized for share repurchases under the 2019 repurchase program.

For the second quarters ended June 25, 2023 and June 26, 2022, the Company repurchased 24,083 shares for $4.0 million and 140,233 shares for $18.2 million, respectively. For the six months ended June 25, 2023 and June 26, 2022, the Company repurchased 46,556 shares for $7.7 million and 433,623 shares for $61.1 million, respectively.