Quarterly report pursuant to Section 13 or 15(d)

Common Stock and Earnings Per Share

v3.23.3
Common Stock and Earnings Per Share
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Common Stock and Earnings Per Share COMMON STOCK AND EARNINGS PER SHARE
Basic earnings per share (“EPS”) is 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 is 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:
Quarter Ended Nine Months Ended
September 30,
2023		 October 1,
2022		 September 30,
2023		 October 1,
2022
Net earnings available to common shareholders $ 11,347  $ 14,929  $ 47,022  $ 56,555 
Weighted average common shares outstanding - basic 19,245 19,221 19,283 19,263
Dilutive effect of in-the-money equity awards 127 31 93 62
Weighted average common shares outstanding - diluted 19,372 19,252 19,376 19,325
Earnings per common share from net earnings - basic $ 0.59  $ 0.78  $ 2.44  $ 2.94 
Earnings per common share from net earnings - diluted $ 0.59  $ 0.78  $ 2.43  $ 2.93 
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:
Quarter Ended Nine Months Ended
September 30,
2023		 October 1,
2022		 September 30,
2023		 October 1,
2022
315 439 322 328
During the three months ended September 30, 2023, the Company repurchased and retired 180 shares for $11,657 including accrued excise tax of $58. There were no shares repurchased during the three months ended October 1, 2022.
During the nine months ended September 30, 2023 and October 1, 2022, the Company repurchased and retired 180 shares and 288 shares for $11,657 and $25,382, 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 September 30, 2023, the remaining authorized repurchase amount under the stock repurchase plan was $71,182. There is no expiration date on the remaining approved repurchase amount and no requirement for future share repurchases.