Earnings Per Share (Notes)

12 Months Ended

Dec. 31, 2022

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:


	Fiscal Year
(In millions, except per share data)	2022		2021		2020
Numerator:
Net earnings (loss) attributable to Wolverine World Wide, Inc.	$	(188.3)	$	68.6	$	(136.9)
Less: net earnings attributed to participating share-based awards	(0.6)		(1.1)		(0.8)


Net earnings (loss) used to calculate earnings per share	$	(188.9)	$	67.5	$	(137.7)
Denominator:
Weighted average shares outstanding	79.7		82.4		81.8
Adjustment for unvested restricted common stock	—		(0.1)		(0.8)
Shares used to calculate basic earnings per share	79.7		82.3		81.0
Effect of dilutive share-based awards	—		1.0		—
Shares used to calculate diluted earnings per share	79.7		83.3		81.0
Net earnings (loss) per share:
Basic	$	(2.37)	$	0.82	$	(1.70)
Diluted	$	(2.37)	$	0.81	$	(1.70)

For fiscal years 2022, 2021 and 2020, 1,434,081, 605,774 and 1,179,088 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 31, 2022 or January 1, 2022. 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 $81.3 million, $39.6 million and $21.0 million of Company common stock in fiscal years 2022, 2021 and 2020, respectively, under stock repurchase plans. In addition to the stock repurchase program activity, the Company acquired $7.7 million, $14.1 million and $24.8 million of Company common stock in fiscal years 2022, 2021 and 2020, 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.