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Earnings per Share | 9 Months Ended
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Oct. 01, 2017
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 1, 2017 |  | For the Third Quarter Ended October 2, 2016 |
|  | Income |  | Shares |  | Per Share |  | Income |  | Shares |  | Per Share |
|  | (Numerator) |  | (Denominator) |  | Amount |  | (Numerator) |  | (Denominator) |  | Amount |
|  | (Amounts in millions, except per share information) |
Basic EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 26.5 |  | 34.4 |  | $ | 0.77 |  | $ | 21.9 |  | 34.5 |  | $ | 0.63 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equivalents |  |  |  |  | — |  |  |  |  |  |  |  | — |  |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 26.5 |  | 34.4 |  | $ | 0.77 |  | $ | 21.9 |  | 34.5 |  | $ | 0.63 |
Options to purchase 0.1 million shares of Class A common stock were outstanding during the third quarters of 2017 and 2016, but were not included in the computation of diluted EPS because to do so would be anti-dilutive.
|  | For the Nine Months Ended October 1, 2017 |  | For the Nine Months Ended October 2, 2016 |
|  | Income |  | Shares |  | Per Share |  | Income |  | Shares |  | Per Share |
|  | (Numerator) |  | (Denominator) |  | Amount |  | (Numerator) |  | (Denominator) |  | Amount |
|  | (Amounts in millions, except per share information) |
Basic EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 75.4 |  | 34.4 |  | $ | 2.19 |  | $ | 66.7 |  | 34.5 |  | $ | 1.93 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equivalents |  |  |  |  | 0.1 |  |  |  |  |  |  |  | — |  |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 75.4 |  | 34.5 |  | $ | 2.19 |  | $ | 66.7 |  | 34.5 |  | $ | 1.93 |
Options to purchase 0.1 million shares of Class A common stock were outstanding during the first nine months of 2017 and 2016, 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. In connection with this stock 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 the Company entered into with respect to the repurchase program. As of October 1, 2017, there was approximately $42.4 million remaining authorized for share repurchases under this program. The following table summarizes the cost and the number of shares of Class A common stock repurchased under the July 27, 2015 program during the three and nine months ended October 1, 2017 and October 2, 2016:
|  | For the Third Quarter Ended |  | For the Third Quarter Ended
|  | October 1, 2017 |  | October 2, 2016
|  | Number of shares |  | Cost of shares |  | Number of shares |  | Cost of shares
|  | repurchased |  | repurchased |  | repurchased |  | repurchased
|  | (amounts in millions, except share amount)
Total stock repurchased during the period: |  | 72,669 |  | $ | 4.7 |  | 74,038 |  | $ | 4.6
|  | For the Nine Months Ended |  | For the Nine Months Ended |
|  | October 1, 2017 |  | October 2, 2016 |
|  | Number of shares |  | Cost of shares |  | Number of shares |  | Cost of shares |
|  | repurchased |  | repurchased |  | repurchased |  | repurchased |
|  | (amounts in millions, except share amount) |
Total stock repurchased during the period: |  | 214,455 |  | $ | 13.6 |  | 433,429 |  | $ | 22.2 |

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