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Earnings Per Share and Certain Related Information | 6 Months Ended
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Mar. 31, 2017
Earnings Per Share Reconciliation [Abstract] |
Earnings Per Share and Certain Related Information | Earnings Per Share and Certain Related Information Basic and diluted earnings per share are computed using the two-class method, which is an earnings allocation method that determines earnings per share (“EPS”) for common shares and participating securities. The undistributed earnings are allocated between common shares and participating securities as if all earnings had been distributed during the period. Participating securities and common shares have equal rights to undistributed earnings. Net earnings used for the purpose of determining basic and diluted earnings per share is determined by taking net earnings, less earnings available to participating securities. For the three months and six months ended March 31, 2017, the earnings available to participating securities were $0.6 million and $1.4 million, respectively. The following table (i) reconciles the denominator used to compute basic EPS to the denominator used to compute diluted EPS for the three months ended March 31, 2017 and April 1, 2016; (ii) provides information regarding the number of non-qualified stock options and shares of restricted stock that were antidilutive and therefore disregarded in calculating the weighted average number of shares outstanding used in computing diluted EPS; and (iii) provides the number of shares of common stock issued from the exercise of stock options and the release of restricted stock (in thousands):
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | March 31, 2017 |  |  | April 1, 2016 |  |  | March 31, 2017 |  |  | April 1, 2016 |
Diluted: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic weighted average shares outstanding |  |  | 119,484 |  |  |  | 120,216 |  |  |  | 119,416 |  |  |  | 120,554 |
Dilutive potential common shares (1) |  |  | 2,230 |  |  |  | 927 |  |  |  | 2,385 |  |  |  | 1,000 |
Diluted weighted average shares outstanding |  |  | 121,714 |  |  |  | 121,143 |  |  |  | 121,801 |  |  |  | 121,554 |
Antidilutive stock options and restricted stock |  |  | 120 |  |  |  | 3,714 |  |  |  | 148 |  |  |  | 3,651 |
Shares of common stock issued from the exercise of stock options and the release of restricted stock |  |  | 281 |  |  |  | 228 |  |  |  | 1,367 |  |  |  | 515 |
(1) | Diluted earnings per share includes any dilutive impact of stock options, restricted stock units, performance-based restricted stock units and performance awards.
Share Repurchases On July 23, 2015, the Company’s Board of Directors authorized a share repurchase program of up to $500 million of the Company’s common stock. The following table summarizes the activity under this program from the authorization date (in thousands, except per-share amounts):
Amount Authorized |  |  | Average Price Per Share (1) |  |  | Total Shares Retired |  |  | Shares Repurchased |
$ | 500,000 |  |  | $ | 48.15 |  |  |  | 4,854 |  |  |  | 4,854 |
(1) | Includes commissions paid and calculated at the average price per share since the repurchase program authorization date.
Share repurchases may be executed through various means including, without limitation, open market transactions, privately negotiated transactions or otherwise. The share repurchase program does not obligate the Company to purchase any shares and expires on July 22, 2018. The authorization for the share repurchase program may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. The timing of share repurchases may depend upon market conditions, other uses of capital, and other factors. Dividend Program On December 1, 2016, the Company announced that the Board of Directors has approved the initiation of a cash dividend program. A quarterly dividend of $0.15 per share was paid on March 17, 2017, to shareholders of record as of the close of business on February 17, 2017. On May 4, 2017, the Company’s Board of Directors declared a quarterly cash dividend of $0.15 per share to be paid on June 16, 2017 to shareholders of record as of the close of business on May 19, 2017. Future dividend payments are subject to review and approval by the Company’s Board of Directors.

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