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Earnings per Share
 6 Months Ended
Jun. 30, 2013
Earnings per Share  
Earnings per Share

6. Earnings per Share

 

The following tables set forth the reconciliation of the calculation of earnings per share:

 

 

 

For the Second Quarter Ended June 30, 2013

 

For the Second Quarter Ended July 1, 2012

 

 

 

Income
(Numerator)

 

Shares
(Denominator)

 

Per Share
Amount

 

Income
(Numerator)

 

Shares
(Denominator)

 

Per Share
Amount

 

 

 

(amounts in millions, except per share amounts)

 

Basic EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

18.9

 

35.5

 

$

0.53

 

$

18.2

 

36.5

 

$

0.50

 

Discontinued operations

 

—

 

 

 

—

 

0.3

 

 

 

0.01

 

Net income

 

$

18.9

 

 

 

$

0.53

 

$

18.5

 

 

 

$

0.51

 

Effect of dilutive securities

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock equivalents

 

 

 

0.1

 

 

 

 

 

0.1

 

 

 

Diluted EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

18.9

 

 

 

$

0.53

 

$

18.2

 

 

 

$

0.50

 

Discontinued operations

 

—

 

 

 

—

 

0.3

 

 

 

0.01

 

Net income

 

$

18.9

 

35.6

 

$

0.53

 

$

18.5

 

36.6

 

$

0.51

 

 

Options to purchase 0.4 million shares of Class A Common Stock were outstanding during each of the second quarters of 2013 and 2012, but were not included in the computation of diluted EPS because to do so would be anti-dilutive.

 

 

 

For the First Six Months Ended June 30, 2013

 

For the First Six Months Ended July 1, 2012

 

 

 

Income
(Numerator)

 

Shares
(Denominator)

 

Per Share
Amount

 

Income
(Numerator)

 

Shares
(Denominator)

 

Per Share
Amount

 

 

 

(amounts in millions, except per share amounts)

 

Basic EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

35.0

 

35.5

 

$

0.99

 

$

33.7

 

36.7

 

$

0.92

 

Discontinued operations

 

—

 

 

 

—

 

0.5

 

 

 

0.01

 

Net income

 

$

35.0

 

 

 

$

0.99

 

$

34.2

 

 

 

$

0.93

 

Effect of dilutive securities

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock equivalents

 

 

 

0.1

 

 

 

 

 

0.1

 

 

 

Diluted EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income:

 

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

35.0

 

 

 

$

0.98

 

$

33.7

 

 

 

$

0.92

 

Discontinued operations

 

—

 

 

 

—

 

0.5

 

 

 

0.01

 

Net income

 

$

35.0

 

35.6

 

$

0.98

 

$

34.2

 

36.8

 

$

0.93

 

 

Options to purchase 0.4 million shares of Class A Common Stock were outstanding during each of the first six months of 2013 and 2012, but were not included in the computation of diluted EPS because to do so would be anti-dilutive.

 

On April 30, 2013, the Company announced that its Board of Directors has authorized the repurchase of up to $90 million of the Company’s Class A Common Stock from time to time on the open market or in privately negotiated transactions.  The timing and number of any shares repurchased will be determined by the Company’s management based on its evaluation of market conditions.  Repurchases may also be made under a Rule 10b5-1 plan, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws.  The repurchase program may be suspended or discontinued at any time, subject to the terms of any Rule 10b5-1 plan the Company may enter into with respect to the repurchase program.  During the quarter ended June 30, 2013, the Company repurchased approximately 213,000 shares of Class A common stock at a cost of approximately $10.0 million.