Earnings per Share

9 Months Ended

Sep. 29, 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 Third Quarter Ended September 29, 2013							For the Third Quarter Ended September 30, 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	$	17.5		35.4	$	0.49		$	18.3	35.1	$	0.52
Discontinued operations	(2.1		)		(0.06		)	0.4			0.01
Net income	$	15.4			$	0.43		$	18.7		$	0.53
Effect of dilutive securities
Common stock equivalents				0.2						0.1
Diluted EPS
Net income:
Continuing operations	$	17.5			$	0.49		$	18.3		$	0.52
Discontinued operations	(2.1		)		(0.06		)	0.4			0.01
Net income	$	15.4		35.6	$	0.43		$	18.7	35.2	$	0.53

Options to purchase 0.2 million and 0.3 million shares of Class A common stock were outstanding during the third quarters of 2013 and 2012, respectively, but were not included in the computation of diluted EPS because to do so would be anti-dilutive.

	For the First Nine Months Ended September 29, 2013							For the First Nine Months Ended September 30, 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	$	52.7		35.5	$	1.48		$	52.2	36.1	$	1.44
Discontinued operations	(2.3		)		(0.06		)	0.7			0.02
Net income	$	50.4			$	1.42		$	52.9		$	1.46
Effect of dilutive securities
Common stock equivalents				0.1						0.2
Diluted EPS
Net income:
Continuing operations	$	52.7			$	1.48		$	52.2		$	1.44
Discontinued operations	(2.3		)		(0.07		)	0.7			0.02
Net income	$	50.4		35.6	$	1.41		$	52.9	36.3	$	1.46

Options to purchase 0.3 million and 0.3 million shares of Class A common stock were outstanding during the first nine months of 2013 and 2012, respectively, 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 September 29, 2013, the Company repurchased approximately 189,000 shares of Class A common stock at a cost of approximately $10.0 million.  During the first nine month of 2013, the Company repurchased approximately 402,000 shares of Class A common stock at a cost of approximately $20.0 million.

On May 16, 2012, the Board of Directors authorized a stock repurchase program of up to two million shares of the Company’s Class A common stock.  The stock repurchase program was completed in July 2012, as the Company repurchased the entire 2.0 million shares of Class A common stock at a cost of approximately $65.8 million