Quarterly report pursuant to Section 13 or 15(d)

Common Stock And Earnings Per Share

v3.19.1
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:











 

 

 

 

 



 

Quarter Ended

 



 

March 31,

 

March 30,

 



 

2018

 

2019

 



 

 

 

 

 

Net earnings available to common shareholders

 

$             28,946

 

$             24,172

 



 

 

 

 

 



 

 

 

 

 

Weighted average common shares outstanding - basic

 

24,074 

 

23,484 

 



 

 

 

 

 

Dilutive effect of in-the-money equity awards

 

199 

 

443 

 



 

 

 

 

 

Weighted average common shares outstanding - diluted

 

24,273 

 

23,927 

 



 

 

 

 

 



 

 

 

 

 

Earnings per common share from net earnings - basic

 

$                1.20

 

$                1.03

 



 

 

 

 

 

Earnings per common share from net earnings - diluted

 

$                1.19

 

$                1.01

 



 

 

 

 

 



 

 

 

 

 

    Equity awards consisting of stock-settled stock appreciation rights and restricted stock awards, for the following

shares were not included in the computation of diluted EPS due to the fact that their effect would be anti-dilutive:



 

 

 

 

 



 

Quarter Ended

 



 

March 31,

 

March 30,

 



 

2018

 

2019

 



 

1,802 

 

105 

 



 

 

 

 

 



 

 

 

 

 

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.