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Earnings per Share | 9 Months Ended
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Sep. 28, 2014
Earnings per Share |
Earnings per Share | 6. Earnings per Share The following tables set forth the reconciliation of the calculation of earnings per share:
|  | For the Third Quarter Ended September 28, 2014 |  | For the Third Quarter Ended September 29, 2013 |
|  | Income (Numerator) |  | Shares (Denominator) |  | Per Share Amount |  | Income (Numerator) |  | Shares (Denominator) |  | Per Share Amount |
|  | (amounts in millions, except per share amounts) |
Basic EPS |  |  |  |  |  |  |  |  |  |  |  |  |
Net income: |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 22.6 |  | 35.3 |  | $ | 0.64 |  | $ | 17.5 |  | 35.4 |  | $ | 0.49 |
Discontinued operations |  | — |  |  |  | — |  | (2.1 | ) |  |  | (0.06 | )
Net income |  | $ | 22.6 |  |  |  | $ | 0.64 |  | $ | 15.4 |  |  |  | $ | 0.43 |
Effect of dilutive securities |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equivalents |  |  |  | 0.1 |  |  |  |  |  | 0.2 |  |  |
Diluted EPS |  |  |  |  |  |  |  |  |  |  |  |  |
Net income: |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 22.6 |  |  |  | $ | 0.64 |  | $ | 17.5 |  |  |  | $ | 0.49 |
Discontinued operations |  | — |  |  |  | — |  | (2.1 | ) |  |  | (0.06 | )
Net income |  | $ | 22.6 |  | 35.4 |  | $ | 0.64 |  | $ | 15.4 |  | 35.6 |  | $ | 0.43 |
Options to purchase 0.3 million and 0.2 million shares of Class A common stock were outstanding during the third quarters of 2014 and 2013, respectively, but were not included in the computation of diluted EPS because to do so would be anti-dilutive.
|  | For the Nine Months Ended September 28, 2014 |  | For the Nine Months Ended September 29, 2013 |
|  | Income (Numerator) |  | Shares (Denominator) |  | Per Share Amount |  | Income (Numerator) |  | Shares (Denominator) |  | Per Share Amount |
|  | (amounts in millions, except per share amounts) |
Basic EPS |  |  |  |  |  |  |  |  |  |  |  |  |
Net income: |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 58.0 |  | 35.3 |  | $ | 1.64 |  | $ | 52.7 |  | 35.5 |  | $ | 1.48 |
Discontinued operations |  | — |  |  |  | — |  | (2.3 | ) |  |  | (0.06 | )
Net income |  | $ | 58.0 |  |  |  | $ | 1.64 |  | $ | 50.4 |  |  |  | $ | 1.42 |
Effect of dilutive securities |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equivalents |  |  |  | 0.1 |  |  |  |  |  | 0.1 |  |  |
Diluted EPS |  |  |  |  |  |  |  |  |  |  |  |  |
Net income: |  |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 58.0 |  |  |  | $ | 1.64 |  | $ | 52.7 |  |  |  | $ | 1.48 |
Discontinued operations |  | — |  |  |  | — |  | (2.3 | ) |  |  | (0.07 | )
Net income |  | $ | 58.0 |  | 35.4 |  | $ | 1.64 |  | $ | 50.4 |  | 35.6 |  | $ | 1.41 |
Options to purchase 0.3 million shares of Class A common stock were outstanding during both of the first nine months of 2014 and 2013, but were not included in the computation of diluted EPS because to do so would be anti-dilutive. On April 30, 2013, the Company’s Board of Directors authorized the repurchase of up to $90 million of the Company’s Class A common stock from time to time on the open market or in privately negotiated transactions. The timing and number of any shares repurchased will be determined by the Company’s management based on its evaluation of market conditions. Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws. The repurchase program may be suspended or discontinued at any time, subject to the terms of any Rule 10b5-1 plan the Company may enter into with respect to the repurchase program. During the third quarter ended September 28, 2014, the Company repurchased approximately 149,000 shares of Class A common stock at a cost of approximately $9.1 million. During the nine months ended September 28, 2014, the Company repurchased approximately 496,000 shares of Class A common stock at a cost of approximately $29.1 million. During the nine months ended September 29, 2013, the Company repurchased approximately 402,000 shares of Class A common stock at a cost of approximately $20.0 million.

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