Earnings (Loss) Per Share

3 Months Ended

Apr. 02, 2023

The reconciliation of basic and diluted earnings (loss) per share on common stock for the first quarter 2023 and 2022 follows (in millions of dollars except per share data):


	First Quarter
	2023		2022
Net earnings (loss)	$	10.9	$	(47.6)
Less: earnings allocated to participating securities	(0.2)		—
Net earnings (loss) available to common shareholders	$	10.7	$	(47.6)

Average shares outstanding (millions):
Basic	37.1		38.6
Dilutive share awards	0.3		—
Diluted	37.4		38.6

Basic earnings (loss) per share	$	0.29	$	(1.23)
Diluted earnings (loss) per share	$	0.29	$	(1.23)

Dilutive share awards are related to deferred common stock related to the non-employee directors deferred compensation plan and performance shares for the first quarter of 2023 (see Stock-Based Compensation footnote for a description of performance shares). Due to our net loss in the first quarter of 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 the first quarter of 2022. Dividends paid per share for Class A and Class B common stock were $0.075 for the first quarter 2023 and $0.050 for the first quarter 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 1,099,728 shares for $18.3 million during the first quarter of 2023. A total of $23.9 million remains available under the share repurchase program. The repurchase program expires in November 2023.