Earnings per Share and Stock Repurchase Program

3 Months Ended

Mar. 28, 2021

Earnings per Share and Stock Repurchase Program

Earnings per Share and Stock Repurchase Program

6. Earnings per Share and Stock Repurchase Program

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

	For the First Quarter Ended March 28, 2021					For the First Quarter Ended March 29, 2020
	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	$	41.7	33.8	$	1.23	$	32.0	34.0	$	0.94
Effect of dilutive securities:
Common stock equivalents			0.1		—			0.1		—
Diluted EPS:
Net income	$	41.7	33.9	$	1.23	$	32.0	34.1	$	0.94

There were no options to purchase Class A common stock outstanding during the first quarters ended March 28, 2021 or March 29, 2020 that would have been anti-dilutive.

On February 6, 2019, the Company’s Board of Directors authorized the repurchase of 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 the stock repurchase program, the Company entered into Rule 10b5-1 plans, which 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 the Rule 10b5-1 plans the Company entered into with respect to the repurchase program. As of March 28, 2021, there was $109.6 million remaining authorized for share repurchases under the $150 million program.

The following tables summarize the cost and the number of shares of Class A common stock repurchased under the repurchase program during the first quarters ended March 28, 2021 and March 29, 2020:

	For the First Quarter Ended			For the First Quarter Ended
	March 28, 2021			March 29, 2020
	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:
$150 million	31,153	$	3.8	174,707	$	14.7
Total stock repurchased during the period:	31,153	$	3.8	174,707	$	14.7