Earnings Per Share and Certain Related Information

9 Months Ended

Jun. 28, 2019

Earnings Per Share Reconciliation [Abstract]

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 28, 2019 and June 29, 2018 (in thousands):



	Three Months Ended						Nine Months Ended
	June 28, 2019			June 29, 2018			June 28, 2019			June 29, 2018
Numerator for Basic and Diluted EPS:
Net earnings (loss) attributable to Jacobs from continuing operations	$	89,365		$	113,336		$	269,012		$	72,811
Net earnings (loss) from continuing operations allocated to participating securities	(105		)	(475		)	(444		)	(325		)
Net earnings (loss) from continuing operations allocated to common stock for EPS calculation	$	89,260		$	112,861		$	268,568		$	72,486

Net earnings (loss) attributable to Jacobs from discontinued operations	$	435,077		$	36,886		$	436,642		$	128,161
Net earnings (loss) from discontinued operations allocated to participating securities	(513		)	(155		)	(720		)	(573		)
Net earnings (loss) from discontinued operations allocated to common stock for EPS calculation	$	434,564		$	36,731		$	435,922		$	127,588

Net earnings allocated to common stock for EPS calculation	$	523,824		$	149,592		$	704,490		$	200,074

Denominator for Basic and Diluted EPS:
Weighted average basic shares	136,772			142,612			139,263			136,717
Shares allocated to participating securities	(161		)	(597		)	(230		)	(743		)
Shares used for calculating basic EPS attributable to common stock	136,611			$	142,015		$	139,033		$	135,974

Effect of dilutive securities:
Stock compensation plans	1,212			1,014			1,206			1,028
Shares used for calculating diluted EPS attributable to common stock	137,823			143,029			140,239			137,002

Net Earnings Per Share:
Basic Net Earnings from Continuing Operations Per Share	$	0.65		$	0.79		$	1.93		$	0.53
Basic Net Earnings from Discontinued Operations Per Share	$	3.18		$	0.26		$	3.14		$	0.94
Basic EPS	$	3.83		$	1.05		$	5.07		$	1.47
Diluted Net Earnings from Continuing Operations Per Share	$	0.65		$	0.79		$	1.92		$	0.53
Diluted Net Earnings from Discontinued Operations Per Share	$	3.15		$	0.26		$	3.11		$	0.93
Diluted EPS	$	3.80		$	1.05		$	5.02		$	1.46

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 repurchased under the 2019 ASR Program was determined based generally on a discount to the volume-weighted average price per share of the Company's common stock during a calculation period completed on June 5, 2019. The purchase was recorded as a share retirement for purposes of calculating earnings per share. Subsequent to the launch of the 2019 ASR Program and other current quarter share repurchases, the Company has $722.8 million remaining under its $1.0 billion share repurchase authorization. The following table summarizes the activity under this program during 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 July 11, 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 August 23, 2019, to shareholders of record on the close of business on July 26, 2019. Future dividend declarations are subject to review and approval by the Company’s Board of Directors. Dividends paid through the third fiscal quarter of 2019 and the preceding fiscal year are as follows:



Declaration Date	Record Date	Payment Date	Cash Amount (per share)
May 2, 2019	May 17, 2019	June 14, 2019	$0.17
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