Earnings Per Share and Certain Related Information

Basic and diluted earnings per share (“EPS”) are computed using the two-class method, which is an earnings allocation method that determines 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 EPS is determined by taking net earnings, less earnings available to participating securities.

The following table reconciles the denominator used to compute basic EPS to the denominator used to compute diluted EPS for the three and nine months ended June 29, 2018 and June 30, 2017 (in thousands):



	Three Months Ended						Nine Months Ended
	June 29, 2018			June 30, 2017			June 29, 2018			June 30, 2017
Numerator for Basic and Diluted EPS:
Net income	$	150,222		$	89,032		$	200,972		$	199,586
Net income allocated to participating securities	(629		)	(904		)	(898		)	(2,237		)
Net income allocated to common stock for EPS calculation	$	149,593		$	88,128		$	200,074		$	197,349

Denominator for Basic and Diluted EPS:
Weighted average basic shares	142,612			120,429			136,717			120,773
Shares allocated to participating securities	(597		)	(1,223		)	(743		)	(1,413		)
Shares used for calculating basic EPS attributable to common stock	142,015			119,206			135,974			119,360

Effect of dilutive securities:
Stock compensation plans	1,014			650			1,028			794
Shares used for calculating diluted EPS attributable to common stock	143,029			119,856			137,002			120,154

Basic EPS	$	1.05		$	0.74		$	1.47		$	1.65
Diluted EPS	$	1.05		$	0.74		$	1.46		$	1.64

Share Repurchases

On July 23, 2015, the Company’s Board of Directors authorized a share repurchase program of up to $500.0 million of the Company’s common stock, to expire on July 31, 2018. On July 19, 2018, the Company's Board of Directors authorized the continuation of this share repurchase program for an additional three years, to expire on July 31, 2021. There were no share repurchases during the three months ended June 29, 2018.

The following table summarizes the activity under this program during fiscal 2018:


(1)	Includes commissions paid and calculated at the average price per share.

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. 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

In the fourth fiscal quarter of 2017, the Company declared a dividend of $0.15 per share of the Company’s common stock that was paid in the first fiscal quarter of 2018. In the second and third fiscal quarters of 2018, the Company declared and paid a dividend of $0.15 per share of the Company’s common stock, for a total of $0.45 per share paid during the nine-month period ended June 29, 2018.

On July 19, 2018, the Company‘s Board of Directors declared a dividend of $0.15 per share of the Company’s common stock that will be paid on August 31, 2018, to shareholders of record on the close of business on August 3, 2018. Future dividend declarations are subject to review and approval by the Company’s Board of Directors.

Amount Authorized

Average Price Per
Share (1)

Total Shares
Retired

Shares
Repurchased

$500,000,000