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Earnings per Share | 9 Months Ended
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Oct. 02, 2016
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 Third Quarter Ended October 2, 2016 |  | For the Third Quarter Ended September 27, 2015 |
|  | Income (loss) (Numerator) |  | Shares (Denominator) |  | Per Share Amount |  | Income (loss) (Numerator) |  | Shares (Denominator) |  | Per Share Amount |
|  | (amounts in millions, except per share amounts) |
Basic EPS: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 21.9 |  | 34.5 |  | $ | 0.63 |  | $ | (25.7 | ) | 35.0 |  | $ | (0.73 | )
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equivalents |  |  |  | — |  |  |  |  |  | — |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 21.9 |  | 34.5 |  | $ | 0.63 |  | $ | (25.7 | ) | 35.0 |  | $ | (0.73 | )
There were 0.3 million options to purchase shares of Class A common stock outstanding during the third quarter of 2015 that were not included in the computation of diluted EPS because to do so would be anti-dilutive.
|  | For the First Nine Months Ended October 2, 2016 |  | For the First Nine Months Ended September 27, 2015 |
|  | 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 |  | $ | 66.7 |  | 34.5 |  | $ | 1.93 |  | $ | 5.2 |  | 35.0 |  | $ | 0.15 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equivalents |  |  |  | — |  |  |  |  |  | 0.1 |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 66.7 |  | 34.5 |  | $ | 1.93 |  | $ | 5.2 |  | 35.1 |  | $ | 0.15 |
Options to purchase 0.1 million and 0.3 million shares of Class A common stock were outstanding during the first nine months of 2016 and 2015, respectively, but were not included in the computation of diluted EPS because to do so would be anti-dilutive. 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. As of October 2, 2016, there was approximately $60.5 million remaining authorized for share repurchases under this program. 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 stock repurchase program was completed in September 2015, after the Company expended the entire $90 million authorized under the program. The following table summarizes the cost and the number of Class A common stock repurchased under the April 30, 2013 and July 27, 2015 programs during the three and nine month periods ended October 2, 2016 and September 27, 2015:
|  | For the Third Quarter Ended October 2, 2016 |  | For the Third Quarter Ended September 27, 2015 |
|  | Number of shares repurchased |  | Cost of shares repurchased |  | Number of shares repurchased |  | Cost of shares repurchased |
|  | (amounts in millions, except share amount) |
Stock repurchase programs: |  |  |  |  |  |  |  |  |
April 30, 2013 |  | — |  | $ | — |  | 145,026 |  | $ | 7.7 |
July 27, 2015 |  | 74,038 |  | 4.6 |  | 89,697 |  | 4.8 |
Total |  | 74,038 |  | $ | 4.6 |  | 234,723 |  | $ | 12.5 |
|  | For the Nine Months Ended October 2, 2016 |  | For the Nine Months Ended September 27, 2015 |
|  | Number of shares repurchased |  | Cost of shares repurchased |  | Number of shares repurchased |  | Cost of shares repurchased |
|  | (amounts in millions, except share amount) |
Stock repurchase programs: |  |  |  |  |  |  |  |  |
April 30, 2013 |  | — |  | $ | — |  | 494,142 |  | $ | 27.2 |
July 27, 2015 |  | 433,429 |  | 22.2 |  | 89,697 |  | 4.8 |
Total |  | 433,429 |  | $ | 22.2 |  | 583,839 |  | $ | 32.0 |

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