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 six months ended March 29, 2019 and March 30, 2018 (in thousands):



	Three Months Ended						Six Months Ended
	March 29, 2019			March 30, 2018			March 29, 2019			March 30, 2018
Numerator for Basic and Diluted EPS:
Net earnings (loss) attributable to Jacobs from continuing operations	$	114,755		$	(6,290	)	$	179,648		$	(40,524	)
Net earnings (loss) from continuing operations allocated to participating securities	(191		)	33			(338		)	247
Net earnings (loss) from continuing operations allocated to common stock for EPS calculation	$	114,564		$	(6,257	)	$	179,310		$	(40,277	)

Net earnings (loss) attributable to Jacobs from discontinued operations	$	(57,838	)	$	54,877		$	1,565		$	91,274
Net earnings (loss) from discontinued operations allocated to participating securities	96			(287		)	(3		)	(557		)
Net earnings (loss) from discontinued operations allocated to common stock for EPS calculation	$	(57,742	)	$	54,590		$	1,562		$	90,717

Net earnings allocated to common stock for EPS calculation	$	56,822		$	48,333		$	180,872		$	50,440

Denominator for Basic and Diluted EPS:
Weighted average basic shares	138,566			142,531			140,509			133,770
Shares allocated to participating securities	(231		)	(746		)	(264		)	(816		)
Shares used for calculating basic EPS attributable to common stock	$	138,335		$	141,785		$	140,245		$	132,954

Effect of dilutive securities:
Stock compensation plans	981			—			1,202			—
Shares used for calculating diluted EPS attributable to common stock	139,316			141,785			141,447			132,954

Net Earnings Per Share:
Basic Net Earnings from Continuing Operations Per Share	$	0.83		$	(0.04	)	$	1.28		$	(0.30	)
Basic Net Earnings from Discontinued Operations Per Share	$	(0.42	)	$	0.39		$	0.01		$	0.68
Basic EPS	$	0.41		$	0.34		$	1.29		$	0.38
Diluted Net Earnings from Continuing Operations Per Share	$	0.82		$	(0.04	)	$	1.27		$	(0.30	)
Diluted Net Earnings from Discontinued Operations Per Share	$	(0.41	)	$	0.39		$	0.01		$	0.68
Diluted EPS	$	0.41		$	0.34		$	1.28		$	0.38

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. On February 19, 2019, the Company launched accelerated share repurchase programs by advancing $250 million to two financial institutions in privately negotiated transactions (collectively, the "2019 ASR Program"). The specific number of shares that the Company ultimately will repurchase under the 2019 ASR Program will be determined based generally on a discount to the volume-weighted average price per share of the Company's common stock during a calculation period to be completed no later than June 2019. The purchase will be recorded as a share retirement for purposes of calculating earnings per share. Subsequent to the launch of the 2019 ASR Program, the Company has $750 million remaining under its $1.0 billion share repurchase authorization. The following table summarizes the activity under this program during fiscal 2019:

Total Shares Retired and Shares Repurchased represent 80% of the total ASR $250 million purchase. The remaining 20% will be settled upon completion of the transaction in the third quarter of fiscal 2019. 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 May 2, 2019, the Company’s Board of Directors declared a quarterly dividend of $0.17 per share of the Company’s common stock to be paid on June 14, 2019, to shareholders of record on the close of business on May 17, 2019. Future dividend declarations are subject to review and approval by the Company’s Board of Directors. Dividends paid during the second fiscal quarter of 2019 and the preceding fiscal year are as follows:



Declaration Date	Record Date	Payment Date	Cash Amount (per share)
January 17, 2019	February 15, 2019	March 15, 2019	$0.17
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