XML 43 R13.htm IDEA: XBRL DOCUMENT v3.22.2.2
Earnings Per Share and Certain Related Information
 12 Months Ended
Sep. 30, 2022
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
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.
The following table reconciles the denominator used to compute basic EPS to the denominator used to compute diluted EPS for the years ended September 30, 2022, October 1, 2021 and October 2, 2020 (in thousands):
For the Years Ended
September 30, 2022October 1, 2021October 2, 2020
Numerator for Basic and Diluted EPS:
Net earnings attributable to Jacobs from continuing operations$644,071 $467,022 $353,861 
Preferred Redeemable Noncontrolling interests redemption value adjustment (See Note 14- PA Consulting Business Combination)
— (57,307)— 
Net earnings from continuing operations allocated to participating securities— — (72)
Net earnings from continuing operations allocated to common stock for EPS calculation$644,071 $409,715 $353,789 
Net earnings attributable to Jacobs from discontinued operations$(32)$10,008 $137,984 
Net earnings from discontinued operations allocated to participating securities— — (28)
Net earnings from discontinued operations allocated to common stock for EPS calculation$(32)$10,008 $137,956 
Net earnings allocated to common stock for EPS calculation$644,039 $419,723 $491,745 
Denominator for Basic and Diluted EPS:
Weighted average basic shares128,665 130,194 131,541 
Shares allocated to participating securities— — (27)
Shares used for calculating basic EPS attributable to common stock128,665 130,194 131,514 
Effect of dilutive securities:
Stock compensation plans780 1,080 1,207 
Shares used for calculating diluted EPS attributable to common stock129,445 131,274 132,721 
Net Earnings Per Share:
Basic Net Earnings from Continuing Operations Per Share$5.01 $3.15 $2.69 
Basic Net Earnings from Discontinued Operations Per Share$— $0.08 $1.05 
Basic Earnings Per Share:$5.01 $3.22 $3.74 
Diluted Net Earnings from Continuing Operations Per Share$4.98 $3.12 $2.67 
Diluted Net Earnings from Discontinued Operations Per Share$— $0.08 $1.04 
Diluted Earnings Per Share: $4.98 $3.20 $3.71 
Share Repurchases
On January 16, 2020, 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 15, 2023 (the "2020 Repurchase Authorization"). In the fourth quarter of fiscal 2021 the Company launched an accelerated share repurchase program by advancing $250 million to a financial institution in a privately negotiated transaction, with final non-cash settlement on the program during the first quarter of fiscal 2022 of 342,054 shares.
The following table summarizes the activity under the 2020 Repurchase Authorizations during fiscal 2022:
Amount Authorized Average Price Per Share (1)Shares RepurchasedTotal Shares Retired
$1,000,000,000$133.052,472,7282,472,728
(1)Includes commissions paid and calculated at the average price per share
As of September 30, 2022, the Company has $501.0 million remaining under the 2020 Repurchase Authorization.
Our 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 a Rule 10b5-1 plan 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.
Common and Preferred Stock
Jacobs is authorized to issue two classes of capital stock designated “common stock” and “preferred stock” (each has a par value of $1.00 per share). The preferred stock may be issued in one or more series. The number of shares to be included in a series as well as each series’ designation, relative powers, dividend and other preferences, rights and qualifications, redemption provisions and restrictions are to be fixed by the Company’s Board of Directors at the time each series is issued. Except as may be provided by the Company’s Board of Directors in a preferred stock designation, or otherwise provided for by statute, the holders of shares of common stock have the exclusive right to vote for the election of directors and on all other matters requiring stockholder action. The holders of shares of common stock are entitled to dividends if and when declared by the Company’s Board of Directors from whatever assets are legally available for that purpose.
Dividends
On September 15, 2022, the Company’s Board of Directors declared a quarterly dividend of $0.23 per share of the Company’s common stock which was paid on October 28, 2022, to shareholders of record on the close of business on September 30, 2022. Future dividend declarations are subject to review and approval by the Company’s Board of Directors.
Dividends paid through September 30, 2022 and the preceding fiscal year are as follows:  
Declaration DateRecord DatePayment DateCash Amount (per share)
July 13, 2022July 29, 2022August 26, 2022$0.23
April 28, 2022May 27, 2022June 24, 2022$0.23
January 26, 2022February 25, 2022March 25, 2022$0.23
September 23, 2021October 15, 2021October 29, 2021$0.21
July 14, 2021July 30, 2021August 27, 2021$0.21
April 22, 2021May 28, 2021June 25, 2021$0.21
January 27, 2021February 26, 2021March 26, 2021$0.21