EARNINGS PER SHARE

6 Months Ended

Oct. 01, 2022

5. EARNINGS PER SHARE

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


	Three Months Ended				Six Months Ended
(In thousands, except per share amounts)	October 1, 2022		October 2, 2021		October 1, 2022		October 2, 2021
Basic EPS
Net income	$	33,197	$	14,856	$	53,074	$	10,402
Weighted average shares	50,953		51,039		51,089		50,989
Basic income per share	$	0.65	$	0.29	$	1.04	$	0.20
Diluted EPS
Net income	$	33,197	$	14,856	$	53,074	$	10,402
Basic weighted average shares	50,953		51,039		51,089		50,989
Net effect of common stock equivalents	605		419		531		369
Diluted weighted average shares	51,558		51,458		51,620		51,358
Diluted income per share	$	0.64	$	0.29	$	1.03	$	0.20

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 and the convertible senior notes as determined under the net share settlement method. From the time of the issuance of the convertible senior notes, the average market price of the Company's common shares has been less than the initial conversion price, and consequently no shares have been included in diluted earnings per share for the conversion value of the convertible senior notes. For the three and six months ended October 1, 2022, weighted average shares outstanding, assuming dilution, excludes the impact of 0.7 million and 0.8 million anti-dilutive shares, respectively. For the three and six months ended October 2, 2021, weighted average shares outstanding, assuming dilution, excludes the impact of 0.9 million anti-dilutive shares.

Share Repurchase Program

In August 2022, the Company's Board of Directors authorized the repurchase of up to $300 million of Haemonetics common stock over the next three years. Under the share repurchase program, the Company is authorized to repurchase, from time to time, outstanding shares of common stock in accordance with applicable laws on the open market, including under trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, and in privately negotiated transactions. The actual timing, number and value of shares repurchased will be determined by the Company at its discretion and will depend on a number of factors, including market conditions, applicable legal requirements and compliance with the terms of loan covenants. The share repurchase program may be suspended, modified or discontinued at any time, and the Company has no obligation to repurchase any amount of its common stock under the program.

Subsequent to the Company’s announcement of the share repurchase program, in August 2022, the Company entered into an accelerated share repurchase agreement (“ASR”) with Citibank N.A. (“Citibank”) to repurchase $75.0 million of the Company's common stock. Pursuant to the terms of the ASR, in August 2022, the Company paid Citibank $75.0 million in cash and received an initial delivery of 0.8 million shares of the Company's common stock based on a closing market price on the New York Stock Exchange on August 16, 2022 of $76.32. This initial delivery of shares represented approximately 80% of the notional amount of the ASR. The ASR was completed in November 2022 and approximately 0.2 million additional shares were delivered upon settlement.

As of October 1, 2022, the total remaining authorization for repurchases of the Company's common stock under the share repurchase program was $225 million.