XML 20 R11.htm IDEA: XBRL DOCUMENT v3.24.3
Shareholders' Equity
 9 Months Ended
Sep. 29, 2024
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 EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Numerator:
Net income attributable to Sonoco$50,921 $130,749 $206,909 $393,717 
Denominator:
Weighted average common shares outstanding:
Basic98,683 98,337 98,616 98,276 
Dilutive effect of share-based compensation584 575 605 524 
Diluted99,267 98,912 99,221 98,800 
Net income attributable to Sonoco per common share:
Basic$0.52 $1.33 $2.10 $4.01 
Diluted$0.51 $1.32 $2.09 $3.98 
Cash dividends$0.52 $0.51 $1.55 $1.51 
No adjustments were made to “Net income attributable to Sonoco” in the computations of net income attributable to Sonoco per common 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 anti-dilutive. 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 anti-dilutive and, therefore, not included in the computation of diluted earnings per share during the three- and nine-month periods ended September 29, 2024 and October 1, 2023 were as follows (in thousands):
Three Months EndedNine Months Ended
September 29, 2024October 1, 2023September 29, 2024October 1, 2023
Anti-dilutive stock appreciation rights455338378341
Stock Repurchases
On April 20, 2021, the Company’s Board of Directors (the “Board”) authorized the repurchase of the Company’s common stock in an aggregate amount of up to $350,000. Following several repurchase transactions in 2021, a total of $137,972 remained available for share repurchases under this authorization as of December 31, 2021. No shares were repurchased under this authorization during the years ended December 31, 2022 or 2023 or the nine-month period ended September 29, 2024.
The Company regularly 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 163 shares during the nine-month period ended September 29, 2024, at a cost of $9,172, and 175 shares during the nine-month period ended October 1, 2023, at a cost of $10,605.
Dividend Declarations
On February 14, 2024, the Board declared a regular quarterly dividend of $0.51 per share. This dividend was paid on March 8, 2024 to all shareholders of record as of February 28, 2024.
On April 17, 2024, the Board declared a regular quarterly dividend of $0.52 per share. This dividend was paid on June 10, 2024 to all shareholders of record as of May 10, 2024.
On July 17, 2024, the Board declared a regular quarterly dividend of $0.52 per share. This dividend was paid on September 10, 2024 to all shareholders of record as of August 9, 2024.
On October 15, 2024, the Board declared a regular quarterly dividend of $0.52 per share. This dividend is payable on December 10, 2024 to all shareholders of record as of November 8, 2024.