EARNINGS PER SHARE ("EPS")

9 Months Ended

Dec. 28, 2019

6. EARNINGS PER SHARE (“EPS”)

The following table provides a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations.



	Three Months Ended				Nine Months Ended
(In thousands, except per share amounts)	December 28, 2019		December 29, 2018		December 28, 2019		December 29, 2018
Basic EPS
Net income	$	29,895	$	18,277	$	58,902	$	34,184
Weighted average shares	50,630		51,401		50,810		51,708
Basic income per share	$	0.59	$	0.36	$	1.16	$	0.66
Diluted EPS
Net income	$	29,895	$	18,277	$	58,902	$	34,184
Basic weighted average shares	50,630		51,401		50,810		51,708
Net effect of common stock equivalents	1,008		1,421		1,185		1,476
Diluted weighted average shares	51,638		52,822		51,995		53,184
Diluted income per share	$	0.58	$	0.35	$	1.13	$	0.64

Basic earnings per share is calculated using the Company's weighted-average outstanding common stock. Diluted earnings per share is calculated using its weighted-average outstanding common stock including the dilutive effect of stock awards as determined under the treasury stock method. For both the three and nine months ended December 28, 2019, weighted average shares outstanding, assuming dilution, excludes the impact of 0.2 million anti-dilutive shares. For the three and nine months ended December 29, 2018, weighted average shares outstanding, assuming dilution, excludes the impact of 0.2 million and 0.1 million anti-dilutive shares, respectively.

Share Repurchase Program

In May 2019, the Company's Board of Directors authorized the repurchase of up to $500 million of Haemonetics common shares over the next two years.

In July 2019, the Company completed a $75.0 million repurchase of its common stock pursuant to an accelerated share repurchase agreement ("ASR") entered into with Citibank N.A. ("Citibank") in June 2019. The total number of shares repurchased under the ASR was 0.6 million at an average price per share upon final settlement of $116.33.

In October 2019, the Company completed an additional $50.0 million repurchase of its common stock pursuant to an ASR entered into with Morgan Stanley & Co. LLC ("Morgan Stanley") in September 2019. The total number of shares repurchased under the ASR was 0.4 million at an average price per share upon final settlement of $124.37.

In December 2019, the Company entered into an ASR with Bank of America, N.A. ("Bank of America") to repurchase $50.0 million of the Company’s common stock. Pursuant to the terms of the ASR, in December 2019, the Company paid Bank of America $50.0 million in cash and received an initial delivery of 0.3 million shares of the Company's common stock based on a closing market price on the New York Stock Exchange on December 11, 2019 of $117.55. This initial delivery of shares represented approximately 80% of the notional amount of the ASR. On January 23, 2020, the ASR was completed and an additional 0.1 million shares were delivered upon settlement. The total number of shares repurchased under the ASR was 0.4 million at an average price per share upon final settlement of $114.73.

As of December 28, 2019, the total remaining authorization for repurchases of the Company's common stock under the share repurchase program was $325 million.