Earnings per Share and Stock Repurchase Program

9 Months Ended

Sep. 24, 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 Third Quarter Ended September 24, 2023					For the Third Quarter Ended September 25, 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	$	65.8	33.4	$	1.97	$	58.7	33.4	$	1.76
Effect of dilutive securities:
Common stock equivalents			0.1		(0.01)			0.1		(0.01)
Diluted EPS:
Net income	$	65.8	33.5	$	1.96	$	58.7	33.5	$	1.75

	For the Nine Months Ended September 24, 2023					For the Nine Months Ended September 25, 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	$	206.4	33.4	$	6.17	$	182.9	33.5	$	5.46
Effect of dilutive securities:
Common stock equivalents			0.1		(0.02)			0.2		(0.03)
Diluted EPS:
Net income	$	206.4	33.5	$	6.15	$	182.9	33.7	$	5.43

There were no options to purchase Class A common stock outstanding during the third quarters and nine months ended September 24, 2023 or September 25, 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. On July 31, 2023, the Board of Directors authorized a new 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. The Company has entered into a Rule 10b5-1 plan which permits shares to be repurchased under both stock repurchase programs when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase programs 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 programs. As of September 24, 2023, there was $16.3 million remaining authorized for share repurchases under the 2019 repurchase program. The Company had not made any share repurchases under the 2023 repurchase program as of September 24, 2023.

For the third quarters ended September 24, 2023 and September 25, 2022, the Company repurchased 22,013 shares for $4.0 million and 29,333 shares for $3.9 million, respectively. For the nine months ended September 24, 2023 and September 25, 2022, the Company repurchased 68,569 shares for $11.7 million and 462,956 shares for $65.1 million, respectively.