Earnings per Share

6 Months Ended

Jul. 02, 2017

7. Earnings per Share

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


	For the Second Quarter Ended July 2, 2017					For the Second Quarter Ended July 3, 2016
	Income		Shares	Per Share		Income		Shares	Per Share
	(Numerator)		(Denominator)	Amount		(Numerator)		(Denominator)	Amount
	(Amounts in millions, except per share information)
Basic EPS:
Net income	$	27.2	34.5	$	0.79	$	28.6	34.5	$	0.83
Effect of dilutive securities:
Common stock equivalents			—					—
Diluted EPS:
Net income	$	27.2	34.5	$	0.79	$	28.6	34.5	$	0.83

Options to purchase 0.1 million shares of Class A common stock were outstanding during the second quarters of 2017 and 2016, respectively, but were not included in the computation of diluted EPS because to do so would be anti-dilutive.


	For the Six Months Ended July 2, 2017					For the Six Months Ended July 3, 2016
	Income		Shares	Per Share		Income		Shares	Per Share
	(Numerator)		(Denominator)	Amount		(Numerator)		(Denominator)	Amount
	(Amounts in millions, except per share information)
Basic EPS:
Net income	$	48.9	34.5	$	1.42	$	44.8	34.4	$	1.30
Effect of dilutive securities:
Common stock equivalents			—					0.1
Diluted EPS:
Net income	$	48.9	34.5	$	1.42	$	44.8	34.5	$	1.30

Options to purchase 0.1 million and 0.2 million shares of Class A common stock were outstanding during the first six months of 2017 and 2016, respectively, but were not included in the computation of diluted EPS because to do so would be anti-dilutive.

On July 27, 2015, the Company’s Board of Directors authorized the repurchase of up to $100 million of the Company’s Class A common stock from time to time on the open market or in privately negotiated transactions. In connection with this stock repurchase program, the Company entered into a Rule 10b5-1 plan, which permits 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 the Rule 10b5-1 plan the Company entered into with respect to the repurchase program. As of July 2, 2017, there was approximately $47.1 million remaining authorized for share repurchases under this program.

The following table summarizes the cost and the number of shares of Class A common stock repurchased under the July 27, 2015 program during the three and six months ended July 2, 2017 and July 3, 2016:


	For the Second Quarter Ended			For the Second Quarter Ended
	July 2, 2017			July 3, 2016
	Number of shares	Cost of shares		Number of shares	Cost of shares
	repurchased	repurchased		repurchased	repurchased
	(amounts in millions, except share amount)
Total stock repurchased during the period:	72,674	$	4.5	91,500	$	5.2


	For the Six Months Ended				For the Six Months Ended
	July 2, 2017			July 3, 2016
	Number of shares	Cost of shares			Number of shares	Cost of shares
	repurchased	repurchased			repurchased	repurchased
	(amounts in millions, except share amount)
Total stock repurchased during the period:	141,786	$	9.0		359,000	$	17.6