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Shareholders' Equity
 3 Months Ended
Apr. 04, 2021
Equity [Abstract]  
Shareholders' Equity Shareholders' Equity
Earnings per Share
The following table sets forth the computation of basic and diluted earnings per share:
Three Months Ended
April 4, 2021March 29, 2020
Numerator:
Net income attributable to Sonoco$72,297 $80,445 
Denominator:
Weighted average common shares outstanding:
Basic101,046 100,855 
Dilutive effect of stock-based compensation446 216 
Diluted101,492 101,071 
Net income attributable to Sonoco per common share:
Basic$0.72 $0.80 
Diluted$0.71 $0.80 
Cash dividends$0.45 $0.43 

No adjustments were made to "Net income attributable to Sonoco" in the computations of earnings per share.
Anti-dilutive Securities
Potentially dilutive securities are calculated in accordance with the treasury stock method, which assumes the proceeds from the exercise of all dilutive stock appreciation rights (SARs) are used to repurchase the Company’s common stock. Certain SARs are not dilutive because either the exercise price is greater than the average market price of the stock during the reporting period or assumed repurchases from proceeds from the exercise of the SARs were antidilutive. These SARs may become dilutive in the future if the market price of the Company's common stock appreciates.
The average numbers of SARs that were not dilutive and, therefore, not included in the computation of diluted earnings per share during the three-month periods ended April 4, 2021 and March 29, 2020 were as follows:
Three Months Ended
April 4, 2021March 29, 2020
Anti-dilutive stock appreciation rights427 589 
Stock Repurchases
On February 10, 2016, the Company’s Board of Directors (the "Board") authorized the repurchase of up to 5,000 shares of the Company's common stock. A total of 2,030 shares were purchased in 2016. Since that time and through April 4, 2021, no additional shares have been repurchased under this authorization; accordingly, a total of 2,970 shares remained available for repurchase at April 4, 2021. On April 20, 2021, the Board authorized the replacement of the February 10, 2016 authorization with an authorization to repurchase the Company's common stock in an aggregate amount of up to $350,000.
The Company frequently repurchases shares of its common stock to satisfy employee tax withholding obligations in association with certain share-based compensation awards. These repurchases, which are not part of a publicly announced plan or program, totaled 85 shares during the three months ended April 4, 2021, at a cost of $5,051, and 65 shares during the three months ended March 29, 2020, at a cost of $3,938.
Dividend Declarations
On February 10, 2021, the Board of Directors declared a regular quarterly dividend of $0.45 per share. This dividend was paid on March 10, 2021 to all shareholders of record as of February 24, 2021.
On April 21, 2021, the Board of Directors declared a regular quarterly dividend of $0.45 per share. This dividend is payable on June 10, 2021 to all shareholders of record as of May 10, 2021.