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Earnings Per Share and Certain Related Information | 9 Months Ended
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Jul. 02, 2021
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 (“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 and the preferred redeemable noncontrolling interests redemption value adjustment associated with the PA Consulting transaction. During the three and nine months ended July 2, 2021, the Company did not have any outstanding 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 July 2, 2021 and June 26, 2020 (in thousands):
| Three Months Ended |  | Nine Months Ended
| July 2, 2021 |  | June 26, 2020 |  | July 2, 2021 |  | June 26, 2020
Numerator for Basic and Diluted EPS: |  |  |  |  |  |  |
Net earnings attributable to Jacobs from continuing operations | $ | 165,410 |  |  | $ | 226,886 |  |  | $ | 422,195 |  |  | $ | 284,344 |
Preferred Redeemable Noncontrolling interests redemption value adjustment (See Note 15- PA Consulting Business Combination) | (57,307) |  |  | — |  |  | (57,307) |  |  | — |
Net earnings from continuing operations allocated to participating securities | — |  |  | (24) |  |  | — |  |  | (77) |
Net earnings from continuing operations allocated to common stock for EPS calculation | $ | 108,103 |  |  | $ | 226,862 |  |  | $ | 364,888 |  |  | $ | 284,267 |
Net earnings attributable to Jacobs from discontinued operations | $ | 384 |  |  | $ | 18,043 |  |  | $ | 11,690 |  |  | $ | 125,511 |
Net earnings from discontinued operations allocated to participating securities | — |  |  | (2) |  |  | — |  |  | (34) |
Net earnings from discontinued operations allocated to common stock for EPS calculation | $ | 384 |  |  | $ | 18,041 |  |  | $ | 11,690 |  |  | $ | 125,477 |
Net earnings allocated to common stock for EPS calculation | $ | 108,487 |  |  | $ | 244,903 |  |  | $ | 376,578 |  |  | $ | 409,744 |
Denominator for Basic and Diluted EPS: |  |  |  |  |  |  |
Weighted average basic shares | 130,385 |  |  | 130,229 |  |  | 130,205 |  |  | 131,995 |
Shares allocated to participating securities | — |  |  | (14) |  |  | — |  |  | (36) |
Shares used for calculating basic EPS attributable to common stock | 130,385 |  |  | 130,215 |  |  | 130,205 |  |  | 131,959 |
Effect of dilutive securities: |  |  |  |  |  |  |
Stock compensation plans | 1,035 |  |  | 1,048 |  |  | 1,040 |  |  | 1,188 |
Shares used for calculating diluted EPS attributable to common stock | 131,420 |  |  | 131,263 |  |  | 131,245 |  |  | 133,147 |
Net Earnings Per Share: |  |  |  |  |  |  |
Basic Net Earnings from Continuing Operations Per Share | $ | 0.83 |  |  | $ | 1.74 |  |  | $ | 2.80 |  |  | $ | 2.15 |
Basic Net Earnings from Discontinued Operations Per Share | $ | — |  |  | $ | 0.14 |  |  | $ | 0.09 |  |  | $ | 0.95 |
Basic Earnings Per Share | $ | 0.83 |  |  | $ | 1.88 |  |  | $ | 2.89 |  |  | $ | 3.11 |
Diluted Net Earnings from Continuing Operations Per Share | $ | 0.82 |  |  | $ | 1.73 |  |  | $ | 2.78 |  |  | $ | 2.13 |
Diluted Net Earnings from Discontinued Operations Per Share | $ | — |  |  | $ | 0.14 |  |  | $ | 0.09 |  |  | $ | 0.94 |
Diluted Earnings Per Share | $ | 0.83 |  |  | $ | 1.87 |  |  | $ | 2.87 |  |  | $ | 3.08 |
Share Repurchases
On January 17, 2019, the Company’s Board of Directors authorized a share repurchase program of up to $1.0 billion of the Company’s common stock, to expire on January 16, 2022 (the "2019 Repurchase Authorization"). On January 16, 2020, 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 15, 2023 (the "2020 Repurchase Authorization").
The following table summarizes the activity under the 2019 and 2020 Repurchase Authorizations through the third fiscal quarter of 2021:
Amount Authorized (2019 and 2020 Repurchase Authorizations) |  | Average Price Per Share (1) |  | Shares Repurchased |  | Total Shares Retired
$2,000,000,000 |  | $98.81 |  | 251,001 |  | 251,001
(1)Includes commissions paid and calculated at the average price per share As a precautionary measure in light of the COVID-19 pandemic, the Company temporarily suspended purchases under the share repurchase plan in March 2020, with such suspension remaining in effect through the fiscal third quarter of 2020. During the fourth fiscal quarter of 2020, the Company resumed share repurchases on a limited basis while we continue to monitor developments in fiscal 2021 with the pandemic. As of July 2, 2021, the Company has $33.1 million remaining under the 2019 Repurchase Authorization and $1.0 billion remaining under the 2020 Repurchase Authorization.
The share repurchase programs do not obligate the Company to purchase any shares. Share repurchases may be executed through various means including, without limitation, accelerated share repurchases, open market transactions, privately negotiated transactions, purchases pursuant to Rule 10b5-1 plans or otherwise. The authorization for the share repurchase programs 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 14, 2021, the Company’s Board of Directors declared a quarterly dividend of $0.21 per share of the Company’s common stock to be paid on August 27, 2021, to shareholders of record on the close of business on July 30, 2021. Future dividend declarations are subject to review and approval by the Company’s Board of Directors. Dividends paid through the third fiscal quarter of 2021 and the preceding fiscal year are as follows:
Declaration Date |  | Record Date |  | Payment Date |  | Cash Amount (per share) |  |
April 22, 2021 |  | May 28, 2021 |  | June 25, 2021 |  | $0.21 |  |
January 27, 2021 |  | February 26, 2021 |  | March 26, 2021 |  | $0.21 |  |
September 17, 2020 |  | October 2, 2020 |  | October 30, 2020 |  | $0.19 |  |
July 9, 2020 |  | July 24, 2020 |  | August 21, 2020 |  | $0.19 |  |
May 5, 2020 |  | May 20, 2020 |  | June 17, 2020 |  | $0.19 |  |
January 16, 2020 |  | January 31, 2020 |  | February 28, 2020 |  | $0.19 |  |
September 19, 2019 |  | October 4, 2019 |  | November 1, 2019 |  | $0.17 |  |

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