Annual report pursuant to Section 13 and 15(d)

Note M - Common Stock and Earnings Per Share

v3.22.0.1
Note M - Common Stock and Earnings Per Share
12 Months Ended
Jan. 01, 2022
Notes to Financial Statements  
Earnings Per Share [Text Block]

NOTE M—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 EPS 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 EPS for the periods indicated:

 

   

Year Ended

 
   

2021

   

2020

   

2019

 
                         

Net earnings available to common shareholders

  $ 116,505     $ 124,664     $ 100,526  
                         

Weighted average common shares outstanding - basic

    20,146       21,156       22,644  
                         

Dilutive effect of in-the-money equity awards

    197       100       174  
                         

Weighted average common shares outstanding - diluted

    20,343       21,256       22,818  
                         
                         

Earnings per common share from net earnings - basic

  $ 5.78     $ 5.89     $ 4.44  
                         

Earnings per common share from net earnings - diluted

  $ 5.73     $ 5.86     $ 4.41  

 

 

Equity 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:

 

   

Year Ended

 
   

2021

   

2020

   

2019

 
                         
      60       359       567  

 

 

During the years ended 2021, 2020, and 2019, the Company repurchased and retired 1,844 shares, 785 shares, and 2,009 shares for an aggregate price of $177,837, $57,029, and $150,000, respectively. 

 

 

Subsequent to January 1, 2022, and through  February 25, 2022, the Company repurchased and retired 153 shares of common stock for $13,533, at an average market price of $88.53 per share.