Shareholders' Equity

6 Months Ended

Jun. 28, 2015

Equity [Abstract]

Shareholders' Equity

Shareholders' Equity

Earnings per Share

The following table sets forth the computation of basic and diluted earnings per share:

	Three Months Ended				Six Months Ended
	June 28, 2015		June 29, 2014		June 28, 2015		June 29, 2014
			(as Restated)				(as Restated)
Numerator:
Net income attributable to Sonoco	$	64,379	$	59,419	$	150,159	$	109,837
Denominator:
Weighted average common shares outstanding:
Basic	101,428,000		102,461,000		101,406,000		102,614,000
Dilutive effect of stock-based compensation	996,000		985,000		956,000		976,000
Diluted	102,424,000		103,446,000		102,362,000		103,590,000
Reported net income attributable to Sonoco per common share:
Basic	$	0.63	$	0.58	$	1.48	$	1.07
Diluted	$	0.63	$	0.57	$	1.47	$	1.06

Certain stock appreciation rights to purchase shares of the Company's common stock are not dilutive because the exercise price is greater than the market price of the stock at the end of the reporting period. The average number of stock appreciation rights that were not dilutive and therefore not included in the computation of diluted earnings per share was 595,527 and 495,705 during the three- and six-month periods ended June 28, 2015, respectively, and 640,717 and 642,272 during the three- and six-month periods ended June 29, 2014, respectively. No adjustments were made to reported net income attributable to Sonoco in the computations of earnings per share.

Stock Repurchases

The Company’s Board of Directors has authorized the repurchase of up to 5,000,000 shares of the Company’s common stock. A total of 2,000,000 and 132,500 shares were repurchased under this authorization in 2014 and 2013, respectively. During the six months ended June 28, 2015, no additional shares were purchased; accordingly, at June 28, 2015, a total of 2,867,500 shares remain available for repurchase.

The Company frequently repurchases shares of its common stock to satisfy employee tax withholding obligations in association with certain share-based compensation awards. These repurchases, which are not part of a publicly announced plan or program, totaled 169,487 shares in the six months endedJune 28, 2015 at a cost of $7,728, and 62,883 shares in the six months endedJune 29, 2014 at a cost of $2,636.

Dividend Declarations

On April 15, 2015 , the Board of Directors declared a regular quarterly dividend of $0.35 per share. This dividend was paid on June 10, 2015 to all shareholders of record as of May 15, 2015.

On July 14, 2015, the Board of Directors declared a regular quarterly dividend of $0.35 per share. This dividend is payable September 10, 2015 to all shareholders of record as of August 14, 2015.