Note M - Common Stock and Earnings Per Share

12 Months Ended

Jan. 01, 2022

Notes to Financial Statements

Earnings Per Share [Text Block]

NOTE M—COMMON STOCK AND EARNINGS PER SHARE

Basic earnings per share (“EPS”) are based on the weighted-average number of shares outstanding for each period. Shares that have been repurchased and retired during the periods specified below have been included in the calculation of the number of weighted-average shares that are outstanding for the calculation of basic EPS based on the time they were outstanding in any period. Diluted EPS are based on shares that are outstanding (computed under basic EPS) and on potentially dilutive shares. Shares that are included in the diluted EPS calculations under the treasury stock method include equity awards that are in-the-money but have not yet been exercised.

The following is a reconciliation of the numerator and denominator used to calculate basic EPS and diluted EPS for the periods indicated:

	Year Ended
	2021		2020		2019
Net earnings available to common shareholders	$	116,505	$	124,664	$	100,526
Weighted average common shares outstanding - basic		20,146		21,156		22,644
Dilutive effect of in-the-money equity awards		197		100		174
Weighted average common shares outstanding - diluted		20,343		21,256		22,818
Earnings per common share from net earnings - basic	$	5.78	$	5.89	$	4.44
Earnings per common share from net earnings - diluted	$	5.73	$	5.86	$	4.41

Equity awards for the following shares were not included in the computation of diluted EPS due to the fact that their effect would be anti-dilutive:

Year Ended
2021		2020		2019
	60		359		567

During the years ended 2021, 2020, and 2019, the Company repurchased and retired 1,844 shares, 785 shares, and 2,009 shares for an aggregate price of $177,837, $57,029, and $150,000, respectively. 

Subsequent to January 1, 2022, and through  February 25, 2022, the Company repurchased and retired 153 shares of common stock for $13,533, at an average market price of $88.53 per share.