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Earnings per Share and Stock Repurchase Program

6 Months Ended

Jun. 30, 2019

Earnings per Share and Stock Repurchase Program

Earnings per Share and Stock Repurchase Program

8. Earnings per Share and Stock Repurchase Program

The following tables set forth the reconciliation of the calculation of earnings per share:

For the Second Quarter Ended June 30, 2019

For the Second Quarter Ended July 1, 2018

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

36.4

34.1

1.06

36.0

34.4

1.05

Effect of dilutive securities:

Common stock equivalents

0.1

—

Diluted EPS:

Net income

36.4

34.2

1.06

36.0

34.4

1.05

For the Six Months Ended June 30, 2019

For the Six Months Ended July 1, 2018

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

67.4

34.1

1.97

64.2

34.4

1.87

Effect of dilutive securities:

Common stock equivalents

0.1

—

Diluted EPS:

Net income

67.4

34.2

1.97

64.2

34.4

1.87

There were no options to purchase Class A common stock outstanding during the second quarters and six months ended June 30, 2019 or July 1, 2018 that would have been 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. On February 6, 2019, the Board of Directors authorized an additional stock repurchase program of up to $150 million of the Company’s Class A common stock to be purchased from time to time on the open market or in privately negotiated transactions. For both stock repurchase programs, the Company has 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 June 30, 2019, there was approximately $1.5 million remaining authorized for share repurchases under the July 27, 2015 program. The Company had not made any share repurchases under the February 6, 2019 program as of June 30, 2019.

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 six months ended June 30, 2019 and July 1, 2018:


	For the Second Quarter Ended			For the Second Quarter Ended
	June 30, 2019			July 1, 2018
	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:	55,988	$	4.7	58,579	$	4.5


	For the Six Months Ended			For the Six Months Ended
	June 30, 2019			July 1, 2018
	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:	130,397	$	10.3	138,634	$	10.8