Earnings (Loss) Per Share

6 Months Ended

Jul. 02, 2023

The reconciliation of basic and diluted earnings (loss) per share on common stock for the second quarter and June year-to-date 2023 and 2022 follows (in millions of dollars except per share data):


	Second Quarter				June Year to Date
	2023		2022		2023		2022
Net earnings (loss)	$	7.5	$	2.2	$	18.4	$	(45.4)
Less: earnings allocated to participating securities	(0.2)		—		(0.4)		—
Net earnings (loss) available to common shareholders	$	7.3	$	2.2	$	18.0	$	(45.4)

Average shares outstanding (millions):
Basic	36.0		37.9		36.5		38.3
Dilutive share awards	0.4		0.3		0.4		—
Diluted	36.4		38.2		36.9		38.3

Basic earnings (loss) per share	$	0.20	$	0.06	$	0.49	$	(1.19)
Diluted earnings (loss) per share	$	0.20	$	0.06	$	0.49	$	(1.19)

Dilutive share awards are related to deferred common stock related to the non-employee directors deferred compensation plan and performance shares for the second quarter of 2023 and 2022 and June year-to-date 2023 (see Stock-Based Compensation footnote for a description of performance shares). Due to our net loss in June year-to-date 2022, potentially dilutive shares primarily related to deferred common stock associated with the non-employee directors deferred compensation plan of 0.2 million shares had an anti-dilutive effect on diluted earnings per share and were excluded from the computation for June year-to-date 2022. Dividends paid per share for Class A and Class B common stock were $0.075 for the second quarter of 2023 and 2022, $0.15 for June year-to-date 2023 and $0.125 for June year-to-date 2022.

In connection with our $50.0 million Class A share repurchase program authorized by the Company's board of directors in November 2022, the Company repurchased 982,565 shares for $16.5 million during the second quarter of 2023 and 2,082,293 shares for $34.8 million through June year-to-date 2023. A total of $7.4 million remains available under the share repurchase program. The repurchase program expires in November 2023.