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Earnings Per Share and Certain Related Information
6 Months Ended
Apr. 01, 2016
Earnings Per Share Reconciliation [Abstract]  
Earnings Per Share and Certain Related Information

Earnings Per Share and Certain Related Information

The following table (i) reconciles the denominator used to compute basic earnings per share (“EPS”) to the denominator used to compute diluted EPS for the three and six months ended April 1, 2016 and March 27, 2015; (ii) provides information regarding the number of non-qualified stock options and shares of restricted stock that were antidilutive and therefore disregarded in calculating the weighted average number of shares outstanding used in computing diluted EPS; and (iii) provides the number of shares of common stock issued from the exercise of stock options and the release of restricted stock (in thousands):

 

 

 

For the Three Months Ended

 

 

For the six Months Ended

 

 

 

April 1,

2016

 

 

March 27,

2015

 

 

April 1,

2016

 

 

March 27,

2015

 

Shares used to calculate EPS:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding

   (denominator used to compute basic EPS)

 

 

120,216

 

 

 

125,992

 

 

 

120,554

 

 

 

127,283

 

Effect of stock options and restricted stock

 

 

927

 

 

 

1,174

 

 

 

1,000

 

 

 

1,247

 

Denominator used to compute diluted EPS

 

 

121,143

 

 

 

127,166

 

 

 

121,554

 

 

 

128,530

 

Antidilutive stock options and restricted stock

 

 

3,714

 

 

 

4,379

 

 

 

3,651

 

 

 

4,376

 

Shares of common stock issued from the

   exercise of stock options and the release of

   restricted stock

 

 

228

 

 

 

243

 

 

 

515

 

 

 

639

 

 

Share Repurchases

On July 23, 2015, the Company’s Board of Directors authorized a share repurchase program of up to $500 million of the Company’s common stock. The following table summarizes the activity under this program from the authorization date (in thousands, except per-share amounts):

 

Amount Authorized

 

 

Average Price Per

Share (1)

 

 

Total Shares

Retired

 

 

Shares

Repurchased

 

$

500,000

 

 

$

40.10

 

 

 

1,803

 

 

 

1,803

 

 

(1)

Includes commissions paid and calculated as the average price per share since the repurchase program authorization date.

Share repurchases may be executed through various means including, without limitation, open market transactions, privately negotiated transactions or otherwise. The share repurchase program does not obligate the Company to purchase any shares and expires on July 22, 2018. The authorization for the share repurchase program may be terminated, increased or decreased by the Company’s Board of Directors in its discretion at any time. The timing of share repurchases may depend upon market conditions, other uses of capital, and other factors.