Earnings per Share and Stock Repurchase Program

3 Months Ended

Mar. 31, 2024

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 First Quarter Ended March 31, 2024					For the First Quarter Ended March 26, 2023
	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	$	72.6	33.4	$	2.17	$	64.7	33.4	$	1.94
Effect of dilutive securities:
Common stock equivalents			0.1		—			0.1		(0.01)
Diluted EPS:
Net income	$	72.6	33.5	$	2.17	$	64.7	33.5	$	1.93

There were no options to purchase Class A common stock outstanding during the first quarters ended March 31, 2024 or March 26, 2023 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 March 31, 2024, there was approximately $8.0 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 March 31, 2024.

For the first quarters ended March 31, 2024 and March 26, 2023, the Company repurchased 19,750 shares for $4.0 million and 22,473 shares for $3.7 million, respectively.