Earnings (Loss) Per Share

9 Months Ended

Oct. 01, 2023

The reconciliation of basic and diluted earnings (loss) per share on common stock for the third quarter and September year-to-date 2023 and 2022 follows (in millions of dollars except per share data):


	Third Quarter				September Year to Date
	2023		2022		2023		2022
Net earnings (loss)	$	6.6	$	(16.2)	$	25.0	$	(61.6)
Less: earnings allocated to participating securities	(0.1)		—		(0.5)		—
Net earnings (loss) available to common shareholders	$	6.5	$	(16.2)	$	24.5	$	(61.6)

Average shares outstanding (millions):
Basic	35.4		37.9		36.2		38.2
Dilutive share awards	0.4		—		0.3		—
Diluted	35.8		37.9		36.5		38.2

Basic earnings (loss) per share	$	0.18	$	(0.43)	$	0.68	$	(1.62)
Diluted earnings (loss) per share	$	0.18	$	(0.43)	$	0.67	$	(1.62)

Dilutive share awards are related to deferred common stock related to the non-employee directors deferred compensation plan and performance shares for the third quarter of 2023 and September year-to-date 2023 (see Stock-Based Compensation footnote for a description of performance shares). Due to our net loss in the third quarter of 2022 and September year-to-date 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. Accordingly, the impact of these shares were excluded from the computation for the third quarter of 2022 and September year-to-date 2022. Dividends paid per share for Class A and Class B common stock were $0.075 for the third quarter of 2023 and 2022, $0.225 for September year-to-date 2023 and $0.20 for September year-to-date 2022.

In November 2022, the Company's board of directors authorized a $50.0 million Class A share repurchase program, which was completed in August 2023. During the third quarter of 2023 and through September year-to-date 2023, the Company repurchased 414,534 shares for $7.4 million and 2,496,827 shares for $42.2 million, respectively. A total of 2,971,471 shares were repurchased under the share repurchase program at an average price of $16.83 per share.