Quarterly report pursuant to Section 13 or 15(d)

Common Stock And Earnings Per Share

v2.4.0.8
Common Stock And Earnings Per Share
6 Months Ended
Jun. 28, 2014
Common Stock And Earnings Per Share [Abstract]  
Common Stock And Earnings Per Share

NOTE H  COMMON STOCK AND EARNINGS PER SHARE

 

Basic earnings per share 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 earnings per share 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 earnings per share 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 earnings per share and diluted earnings per share for the periods indicated:

 

 

 

 

 

 

 

 

 

 

 

 

 

Quarter Ended

 

Six Months Ended

 

 

June 29,

 

June 28,

 

June 29,

 

June 28,

 

 

2013

 

2014

 

2013

 

2014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net earnings available to common shareholders

 

$         24,210

 

$         19,301

 

$         41,989

 

$         35,838

 

 

 

 

 

 

 

 

 

Basic EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

Common shares outstanding entire period

 

13,821 

 

13,886 

 

13,821 

 

13,886 

Weighted average common shares:

 

 

 

 

 

 

 

 

Issued during period

 

106 

 

131 

 

58 

 

81 

Canceled during period

 

(414)

 

(249)

 

(301)

 

(124)

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding during

 

 

 

 

 

 

 

 

period

 

13,513 

 

13,768 

 

13,578 

 

13,843 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share from net earnings - basic

 

$             1.79

 

$             1.40

 

$             3.09

 

$             2.59

 

 

 

 

 

 

 

 

 

Diluted EPS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

 

 

 

 

 

 

Weighted average common shares outstanding during

 

 

 

 

 

 

 

 

period - basic

 

13,513 

 

13,768 

 

13,578 

 

13,843 

 

 

 

 

 

 

 

 

 

Dilutive effect of in-the-money equity awards

 

586 

 

467 

 

456 

 

472 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding during

 

 

 

 

 

 

 

 

period - diluted

 

14,099 

 

14,235 

 

14,034 

 

14,315 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share from net earnings - diluted

 

$             1.72

 

$             1.36

 

$             2.99

 

$             2.50

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

Six Months Ended

 

 

June 29,

 

June 28,

 

June 29,

 

June 28,

 

 

2013

 

2014

 

2013

 

2014

 

 

 

 

 

 

 

 

 

 

 

234 

 

383 

 

560 

 

328 

 

 

 

 

 

 

 

 

 

 

 

NOTE H  COMMON STOCK AND EARNINGS PER SHARE - CONTINUED

 

During the six months ended June 29, 2013 and the quarter and six months ended June 28, 2014, the Company repurchased and retired 414 shares and 682 shares, for $18,085 and $49,094, 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. 

 

Subsequent to the period ended June 28, 2014 and through August 1, 2014, the Company repurchased and retired 430 shares under the Company's share repurchase plan for a total of $30,932. As of August 1, 2014, the remaining approved repurchase amount under the plan was $119,953.