NOTE F — 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:

 

 

 

 

Equity awards for 522 and 15 shares of stock were not included in the computation of diluted EPS for the quarters ended September 29, 2012, and September 28, 2013, respectively, due to the fact that their effect would be anti-dilutive.

 

NOTE F — COMMON STOCK AND EARNINGS PER SHARE – CONTINUED

 

 

 

 

 

Equity awards for 1,357 and 445 shares of stock were not included in the computation of diluted EPS for the nine months ended September 29, 2012, and September 28, 2013, respectively, due to the fact that their effect would be anti-dilutive.

 

The Company has a stock repurchase plan in place that has been authorized by the Board of Directors.  During the first nine months of 2012, the Company repurchased and retired 877 shares of common stock for a total of $35,501, at an average market price of $40.48 per share.  During the first nine months of 2013, the Company repurchased and retired 414 shares of common stock for a total investment of $18,085 at an average market price of $43.68 per share.  The excess of the repurchase price over par value is allocated between additional paid-in capital and retained earnings on a pro-rata basis.  As of September 28, 2013, the remaining approved repurchase amount under the stock repurchase plan was $13,622.  There currently is no expiration date on the remaining approved repurchase amount and no requirement for future share repurchases.