Common Stock And Earnings Per Share
|3 Months Ended|
Mar. 30, 2019
|Common Stock And Earnings Per Share [Abstract]|
|Common Stock And Earnings Per Share||
NOTE J— COMMON STOCK AND EARNINGS PER SHARE
Basic earnings per share (“EPS”) are based on the weighted-average number of shares outstanding for each period. Shares that have been repurchased and retired during the periods specified below have been included in the calculation of the number of weighted-average shares that are outstanding for the calculation of basic EPS based on the time they were outstanding in any period. Diluted earnings per common share are based on shares that are outstanding (computed under basic EPS) and on potentially dilutive shares. Shares that are included in the diluted EPS calculations under the treasury stock method include equity awards that are in-the-money but have not yet been exercised.
The following is a reconciliation of the numerator and denominator used to calculate basic EPS and diluted earnings per share for the periods indicated:
During the quarters ended March 31, 2018 and March 30, 2019, the Company repurchased and retired 39 shares and 284 shares for $2,943 and $30,000, respectively, under the Company’s share repurchase plan. The excess of the repurchase price over par value is allocated between additional paid-in capital and retained earnings on a pro-rata basis. The purchase of shares under this plan reduces the number of shares outstanding in the above calculations.
As of March 30, 2019, the remaining authorized repurchase amount under the stock repurchase plan was $40,216. There is no expiration date on the remaining approved repurchase amount and no requirement for future share repurchases.
On April 30, 2019, the Company’s Board of Directors authorized an increase in the repurchase amount under its share repurchase plan to a total of $150,000. The authorization includes the $40,216 that was remaining under the prior authorization at March 30, 2019.
The entire disclosure for earnings per share.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef