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Earnings per Share | 6 Months Ended
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Jun. 28, 2015
Earnings per Share |
Earnings per Share | 7.Earnings per Share The following tables set forth the reconciliation of the calculation of earnings per share:
|  | For the Second Quarter Ended June 28, 2015 |  | For the Second Quarter Ended June 29, 2014 |
|  | 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 |  | $ | 19.3 |  | 35.0 |  | $ | 0.55 |  | $ | 21.3 |  | 35.3 |  | $ | 0.60 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equivalents |  |  |  | 0.1 |  |  |  |  |  | 0.1 |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 19.3 |  | 35.1 |  | $ | 0.55 |  | $ | 21.3 |  | 35.4 |  | $ | 0.60 |
Options to purchase 0.3 million shares of Class A common stock were outstanding during the second quarters of 2015 and 2014, respectively, but were not included in the computation of diluted EPS because to do so would be anti-dilutive.
|  | For the First Six Months Ended June 28, 2015 |  | For the First Six Months Ended June 29, 2014 |
|  | 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 |  | $ | 30.9 |  | 35.1 |  | $ | 0.88 |  | $ | 35.4 |  | 35.3 |  | $ | 1.00 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equivalents |  |  |  | — |  |  |  |  |  | 0.1 |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 30.9 |  | 35.1 |  | $ | 0.88 |  | $ | 35.4 |  | 35.4 |  | $ | 1.00 |
Options to purchase 0.3 million shares of Class A common stock were outstanding during the first six months of 2015 and 2014, respectively, 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. In connection with this repurchase program, the Company entered into a Rule 10b5-1 plan, which permits 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 the Rule 10b5-1 plan with respect to the repurchase program. During the second quarter ended June 28, 2015, the Company repurchased approximately 185,000 shares of Class A common stock at a cost of approximately $10.1 million. During the first six months of 2015, the Company repurchased approximately 349,000 shares of Class A common stock at a cost of approximately $19.5 million. During the second quarter ended June 29, 2014, the Company repurchased approximately 186,000 shares of Class A common stock at a cost of approximately $10.6 million. During the six months ended June 29, 2014, the Company repurchased approximately 347,000 shares of Class A common stock at a cost of approximately $20.0 million. As of June 28, 2015, there was approximately $8 million remaining authorized for share repurchase under this program. On July 27, 2015, the Company’s Board of Directors authorized the repurchase of up to $100 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 shares repurchased will be determined by the Company’s management based on its evaluation of market conditions and other factors. 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. The Company plans to complete repurchases under the previously existing stock repurchase program before initiating any purchases under the new program.

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