EARNINGS PER SHARE ("EPS")

6 Months Ended

Sep. 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				Six Months Ended
(In thousands, except per share amounts)	September 28, 2019		September 29, 2018		September 28, 2019		September 29, 2018
Basic EPS
Net income	$	37,486	$	18,726	$	29,007	$	15,907
Weighted average shares	50,791		51,605		50,901		51,862
Basic income per share	$	0.74	$	0.36	$	0.57	$	0.31
Diluted EPS
Net income	$	37,486	$	18,726	$	29,007	$	15,907
Basic weighted average shares	50,791		51,605		50,901		51,862
Net effect of common stock equivalents	1,255		1,533		1,273		1,503
Diluted weighted average shares	52,046		53,138		52,174		53,365
Diluted income per share	$	0.72	$	0.35	$	0.56	$	0.30

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 the three and six months ended September 28, 2019, weighted average shares outstanding, assuming dilution, excludes the impact of 12,421 shares and 0.2 million anti-dilutive shares, respectively. For the three and six months ended September 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 September 2019, the Company entered into an ASR with Morgan Stanley & Co. LLC ("Morgan Stanley") to repurchase $50.0 million of the Company’s common stock. Pursuant to the terms of the ASR, in September 2019, the Company paid Morgan Stanley $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 September 10, 2019 of $120.73. This initial delivery of shares represented approximately 80% of the notional amount of the ASR. On October 8, 2019, 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 $124.37.

As of September 28, 2019, the total remaining authorization for repurchases of the Company's common stock under the share repurchase program was $375 million.