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Earnings per Share and Stock Repurchase Program | 3 Months Ended
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Apr. 01, 2018
Earnings per Share and Stock Repurchase Program |
Earnings per Share and Stock Repurchase Program | 7. Earnings per Share and Stock Repurchase Program The following tables set forth the reconciliation of the calculation of earnings per share:
|  | For the First Quarter Ended April 1, 2018 |  | For the First Quarter Ended April 2, 2017 |
|  | 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 |  | $ | 28.2 |  | 34.3 |  | $ | 0.82 |  | $ | 21.7 |  | 34.4 |  | $ | 0.63 |
Effect of dilutive securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Common stock equivalents |  |  |  |  | 0.1 |  |  |  |  |  |  |  | 0.1 |  |  |  |
Diluted EPS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 28.2 |  | 34.4 |  | $ | 0.82 |  | $ | 21.7 |  | 34.5 |  | $ | 0.63 |
There were no options to purchase Class A common stock outstanding as of the first quarter of 2018 that would have been anti-dilutive. Options to purchase 0.1 million shares of Class A common stock were outstanding during the first quarter of 2017 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 April 1, 2018, there was approximately $31.6 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 quarters ended April 1, 2018 and April 2, 2017:
|  | For the First Quarter Ended |  | For the First Quarter Ended |
|  | April 1, 2018 |  | April 2, 2017 |
|  | 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: |  | 80,055 |  | $ | 6.2 |  | 69,112 |  | $ | 4.4 |

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