Earnings per Share and Stock Repurchase Program

6 Months Ended

Jun. 28, 2020

Earnings per Share and Stock Repurchase Program

Earnings per Share and Stock Repurchase Program

7. Earnings per Share and Stock Repurchase Program

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

	For the Second Quarter Ended June 28, 2020					For the Second Quarter Ended June 30, 2019
	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	$	20.2	33.8	$	0.60	$	36.4	34.1	$	1.06
Effect of dilutive securities:
Common stock equivalents			0.2		(0.01)			0.1
Diluted EPS:
Net income	$	20.2	34.0	$	0.59	$	36.4	34.2	$	1.06

	For the Six Months Ended June 28, 2020					For the Six Months Ended June 30, 2019
	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	$	52.2	33.9	$	1.54	$	67.4	34.1	$	1.97
Effect of dilutive securities:
Common stock equivalents			0.1		(0.01)			0.1		—
Diluted EPS:
Net income	$	52.2	34.0	$	1.53	$	67.4	34.2	$	1.97

There were no options to purchase Class A common stock outstanding during the second quarters and six months ended June 28, 2020 or June 30, 2019 that would have been anti-dilutive.

Since July 2015, the Company’s Board of Directors has authorized two stock repurchase programs. The first program approved the repurchase of up to $100 million and the second program up to $150 million of the Company’s Class A common stock, to be purchased from time to time on the open market or in privately negotiated transactions. For both stock repurchase programs, the Company has 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. The Company temporarily suspended the stock repurchase program for a portion of the second quarter of 2020 as a measure to conserve cash in response to the business impact of the COVID-19 pandemic. The repurchase program was reinstated effective June 29, 2020 pursuant to the terms of a new 10b5-1 agreement entered into as of June 12, 2020. The $100 million stock repurchase program was completely expended by August 2019. As of June 28, 2020, there was $121.3 million remaining authorized for share repurchases under the $150 million program.

The following table summarizes the cost and the number of shares of Class A common stock repurchased under the two repurchase programs during the second quarter ended June 28, 2020 and June 30, 2019:

	For the Second Quarter Ended			For the Second Quarter Ended
	June 28, 2020			June 30, 2019
	Number of shares	Cost of shares		Number of shares	Cost of shares
	repurchased	repurchased		repurchased	repurchased
	(Amounts in millions, except share amount)
Stock repurchase programs:
$100 million	—		—	55,988	$	4.7
$150 million	78,828	$	6.4	—		—
Total stock repurchased during the period:	78,828	$	6.4	55,988	$	4.7

	For the Six Months Ended			For the Six Months Ended
	June 28, 2020			June 30, 2019
	Number of shares	Cost of shares		Number of shares	Cost of shares
	repurchased	repurchased		repurchased	repurchased
	(Amounts in millions, except share amount)
Stock repurchase programs:
$100 million	—		—	130,397	$	10.3
$150 million	253,535	$	21.1	—		—
Total stock repurchased during the period:	253,535	$	21.1	130,397	$	10.3