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 months ended December 28, 2018 and December 29, 2017 (in thousands):



	Three Months Ended
	December 28, 2018			December 29, 2017
Numerator for Basic and Diluted EPS:
Net earnings attributable to Jacobs from continuing operations	$	64,894		$	(34,234	)
Net earnings from continuing operations allocated to participating securities	(135		)	243
Net earnings from continuing operations allocated to common stock for EPS calculation	$	64,759		$	(33,991	)

Net earnings attributable to Jacobs from discontinued operations	$	59,402		$	36,397
Net earnings from discontinued operations allocated to participating securities	(124		)	(258		)
Net earnings from discontinued operations allocated to common stock for EPS calculation	$	59,278		$	36,139

Net earnings allocated to common stock for EPS calculation	$	124,037		$	2,148

Denominator for Basic and Diluted EPS:
Weighted average basic shares	142,451			125,008
Shares allocated to participating securities	(297		)	(886		)
Shares used for calculating basic EPS attributable to common stock	142,154			124,122

Effect of dilutive securities:
Stock compensation plans	1,424			1,023
Shares used for calculating diluted EPS attributable to common stock	143,578			125,145

Net Earnings Per Share:
Basic Net Earnings from Continuing Operations Per Share	$	0.45		$	(0.27	)
Basic Net Earnings from Discontinued Operations Per Share	$	0.42		$	0.29
Basic EPS	$	0.87		$	0.02
Diluted Net Earnings from Continuing Operations Per Share	$	0.45		$	(0.27	)
Diluted Net Earnings from Discontinued Operations Per Share	$	0.41		$	0.29
Diluted EPS	$	0.86		$	0.02

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. The following table summarizes the activity under this program during fiscal 2019:


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

On January 17, 2019, the Company’s Board of Directors authorized an additional share repurchase program of up to $1.0 billion of the Company’s common stock, to expire on January 16, 2022. No shares have been repurchased under this program.

Share repurchases may be executed through various means including, without limitation, accelerated share repurchases, open market transactions, privately negotiated transactions, purchases pursuant to a Rule 10b5-1 plan 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, amount and manner of share repurchases may depend upon market conditions and economic circumstances, availability of investment opportunities, the availability and costs of financing, currency fluctuations, the market price of the Company's common stock, other uses of capital and other factors.

Dividend Program

On January 17, 2019, the Company’s Board of Directors declared a quarterly dividend of $0.17 per share of the Company’s common stock that will be paid on March 15, 2019, to shareholders of record on the close of business on February 15, 2019. Future dividend declarations are subject to review and approval by the Company’s Board of Directors. Dividends paid during the first fiscal quarter of 2019 and the preceding fiscal year are as follows:



Declaration Date	Record Date	Payment Date	Cash Amount (per share)
September 11, 2018	September 28, 2018	October 26, 2018	$0.15
July 19, 2018	August 3, 2018	August 31, 2018	$0.15
May 3, 2018	May 18, 2018	June 15, 2018	$0.15
January 18, 2018	February 16, 2018	March 16, 2018	$0.15
September 27, 2017	October 13, 2017	November 10, 2017	$0.15

Amount Authorized

Average Price Per
Share (1)

Total Shares
Retired

Shares
Repurchased

$500,000,000