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Earnings Per Share (Notes)
 12 Months Ended
Dec. 28, 2019
Earnings Per Share [Abstract]  
Earnings Per Share [Text Block]
EARNINGS PER SHARE
The Company calculates earnings per share in accordance with FASB ASC Topic 260, Earnings Per Share (“ASC 260”). ASC 260 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting, and, therefore, need to be included in the earnings allocation in computing earnings per share under the two-class method. Under the guidance in ASC 260, the Company’s unvested share-based payment awards that contain non-forfeitable rights to dividends, whether paid or unpaid, are participating securities and must be included in the computation of earnings per share pursuant to the two-class method.
The following table sets forth the computation of basic and diluted earnings per share:
 
Fiscal Year
(In millions, except per share data)
2019
 
2018
 
2017
Numerator:
 
 
 
 
 
Net earnings attributable to Wolverine World Wide, Inc.
$
128.5

 
$
200.1

 
$
0.3

Less: net earnings attributed to participating share-based awards
(2.6
)
 
(7.5
)
 
—

Net earnings used to calculate basic earnings per share
125.9

 
192.6

 
0.3

Adjustment for earnings (loss) reallocated to participating share-based awards
0.1

 
1.8

 
(0.2
)
Net earnings used to calculate diluted earnings per share
$
126.0

 
$
194.4

 
$
0.1

Denominator:
 
 
 
 
 
Weighted average shares outstanding
85.7

 
94.8

 
96.4

Adjustment for unvested restricted common stock
(0.6
)
 
(1.8
)
 
(2.7
)
Shares used to calculate basic earnings per share
85.1

 
93.0

 
93.7

Effect of dilutive share-based awards
2.1

 
2.0

 
1.7

Shares used to calculate diluted earnings per share
87.2

 
95.0

 
95.4

Net earnings per share:
 
 
 
 
 
Basic
$
1.48

 
$
2.07

 
$
—

Diluted
$
1.44

 
$
2.05

 
$
—


For fiscal years 2019, 2018 and 2017, 133,505, 25,230 and 1,753,869 outstanding stock options, respectively, have not been included in the denominator for the computation of diluted earnings per share because they were anti-dilutive.
The Company has 2,000,000 authorized shares of $1 par value preferred stock, none of which was issued or outstanding as of December 28, 2019 or December 29, 2018. The Company has designated 150,000 shares of preferred stock as Series A junior participating preferred stock and 500,000 shares of preferred stock as Series B junior participating preferred stock for possible future issuance.
The Company repurchased $319.2 million, $174.7 million and $42.3 million of Company common stock in fiscal years 2019, 2018 and 2017, respectively, under stock repurchase plans. In addition to the stock repurchase program activity, the Company acquired $16.9 million, $8.8 million and $5.5 million of shares in fiscal years 2019, 2018 and 2017, respectively, in connection with employee transactions related to stock incentive plans.
On February 11, 2019, the Company's Board of Directors approved a common stock repurchase program that authorizes the repurchase of an additional $400.0 million of common stock over a four year period incremental to amounts remaining under the previous repurchase program. The annual amount of stock repurchases is restricted under the terms of the Company's Credit Agreement.