EARNINGS PER SHARE

6 Months Ended

Sep. 28, 2024

7. 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)	September 28, 2024		September 30, 2023		September 28, 2024		September 30, 2023
Basic EPS
Net income	$	33,831	$	24,908	$	72,204	$	65,950
Weighted average shares	50,898		50,727		50,920		50,634
Basic income per share	$	0.66	$	0.49	$	1.42	$	1.30
Diluted EPS
Net income	$	33,831	$	24,908	$	72,204	$	65,950
Basic weighted average shares	50,898		50,727		50,920		50,634
Net effect of common stock equivalents	342		669		482		734
Diluted weighted average shares	51,240		51,396		51,402		51,368
Diluted income per share	$	0.66	$	0.48	$	1.40	$	1.28

Basic earnings per share is calculated using the Company’s weighted-average outstanding common shares. Diluted earnings per share is calculated using its weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method and the outstanding 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 applicable initial conversion prices, and consequently no shares have been included in diluted earnings per share for the conversion values of both convertible senior notes. For the three and six months ended September 28, 2024, weighted average shares outstanding, assuming dilution, excludes the impact of $0.8 million anti-dilutive shares for both periods. For the three and six months ended September 30, 2023, weighted average shares outstanding, assuming dilution, excludes the impact of $0.7 million and $0.6 million anti-dilutive shares, respectively.

Share Repurchase Program

In August 2022, the Company announced that its Board of Directors had approved a three-year share repurchase program authorizing the repurchase of up to $300.0 million of Haemonetics common stock, based on market conditions, through August 2025. 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.

In August 2024, 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 2024, 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 28, 2024 of $75.08. This initial delivery of shares represented approximately 80% of the notional amount of the ASR. The ASR was completed in October 2024, subsequent to the end of the second quarter of fiscal 2025, and 0.2 million additional shares were delivered upon settlement. As of September 28, 2024, the total remaining authorization for repurchases of the Company's common stock under the share repurchase program was $150.0 million.