Shareholders' Equity

3 Months Ended

Mar. 29, 2020

Equity [Abstract]

Shareholders' Equity

Shareholders' Equity

Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended
	March 29, 2020		March 31, 2019
Numerator:
Net income attributable to Sonoco	$	80,445	$	73,663
Denominator:
Weighted average common shares outstanding:
Basic	100,855		100,640
Dilutive effect of stock-based compensation	216		432
Diluted	101,071		101,072
Net income attributable to Sonoco per common share:
Basic	$	0.80	$	0.73
Diluted	$	0.80	$	0.73
Cash dividends	$	0.43	$	0.41

Potentially dilutive securities are calculated in accordance with the treasury stock method, which assumes the proceeds from the exercise of all dilutive stock appreciation rights (SARs) are used to repurchase the Company’s common stock. Certain SARs are not dilutive because either the exercise price is greater than the average market price of the stock during the reporting period or assumed repurchases from proceeds from the exercise of the SARs were antidilutive. These SARs may become dilutive in the future if the market price of the Company's common stock appreciates.

The average numbers of SARs that were not dilutive and, therefore, not included in the computation of diluted earnings per share during the three month periods ended March 29, 2020 and March 31, 2019 were as follows:

	Three Months Ended
	March 29, 2020	March 31, 2019
Anti-dilutive stock appreciation rights	589	305

No adjustments were made to "Net income attributable to Sonoco" in the computations of earnings per share.

Stock Repurchases

On February 10, 2016, the Company’s Board of Directors authorized the repurchase of up to 5,000 shares of the Company's common stock. A total of 2,030 shares were purchased in 2016. No shares were repurchased under this authorization during 2017, 2018, 2019, or during the three months ended March 29, 2020. Accordingly, a total of 2,970 shares remain available for repurchase at March 29, 2020.

The Company frequently repurchases shares of its common stock to satisfy employee tax withholding obligations in association with certain share-based compensation awards. These repurchases, which are not part of a publicly announced plan or program, totaled 65 shares in the three months ended March 29, 2020 at a cost of $3,938, and 133 shares in the three months ended March 31, 2019 at a cost of $7,395.

Dividend Declarations

On February 12, 2020, the Board of Directors declared a regular quarterly dividend of $0.43 per share. This dividend was paid on March 10, 2020 to all shareholders of record as of February 26, 2020.

On April 15, 2020, the Board of Directors declared a regular quarterly dividend of $0.43 per share. This dividend is payable on June 10, 2020 to all shareholders of record as of May 8, 2020.