Briggs & Stratton Corporation Just Filed Its Quarterly Report: Earnings Per Share  ...


Earnings Per Share
    
The Company computes earnings per share using the two-class method, an earnings allocation formula that determines earnings per share for each class of common stock and participating security according to dividends declared and participation rights in undistributed earnings. The Company’s unvested grants of restricted stock and deferr ed stock awards contain non-forfeitable rights to dividends (whether paid or unpaid), which are required to be treated as participating securities and included in the computation of basic earnings per share.

Information on earnings per share is as follows (in thousands, except per share data):
 
 
Three Months Ended
 
Nine Months Ended
 
 
March 30,
2014
 
March 31,
2013
 
March 30,
2014
 
March 31,
2013
Net Income
 
$
39,153

 
$
38,516

 
$
20,506

 
$
21,354

Less: Earnings Allocated to Participating Securities
 
(1,150
)
 
(1,117
)
 
(552
)
 
(562
)
Net Income Available to Common Shareholders
 
$
38,003

 
$
37,399

 
$
19,954

 
$
20,792

Average Shares of Common Stock Outstanding
 
46,129

 
47,336

 
46,549

 
47,126

Diluted Average Shares Outstanding
 
46,245

 
47,709

 
46,615

 
47,291

Basic Earnings Per Share
 
$
0.82

 
$
0.79

 
$
0.43

 
$
0.44

Diluted Earnings Per Share
 
$
0.82

 
$
0.78

 
$
0.43

 
$
0.44



The dilutive effect of the potential exercise of outstanding stock-based awards to acquire common shares is calculated using the treasury stock method. The following options to purchase shares of common stock were excluded from the calculation of diluted earnings per share as the exercise prices were greater than the average market price of the common shares:
 
 
Three Months Ended
 
Nine Months Ended
 
 
March 30,
2014
 
March 31,
2013
 
March 30,
2014
 
March 31,
2013
Options to Purchase Shares of Common Stock (in thousands)
 
508

 
1,590

 
916

 
1,590

Weighted Average Exercise Price of Options Excluded
 
$
36.68

 
$
34.13

 
$
29.62

 
$
34.13



On August 8, 2012, the Board of Directors of the Company authorized up to $50 million in funds associated with the common share repurchase program with an expiration date of June 30, 2014. On January 22, 2014, the Board of Directors of the Company authorized up to an additional $50 million in funds for use in the Company’s common share repurchase program with an extension of the expiration date to June 30, 2016. As of March 30, 2014, the total remaining authorization was approximately $50.3 million. The common share repurchase program authorizes the purchase of shares of the Company's common stock on the open market or in private transactions from time to time, depending on market conditions and certain governing loan covenants. During the nine months ended March 30, 2014, the Company repurchased 1,479,626 shares on the open market at an average price of $20.32 per share, as compared to 1,216,325 shares purchased on the open market at an average price of $18.96 per share during the nine months ended March 31, 2013.

The above information was disclosed in a filing to the SEC. To see this filing in its entirety, click here.

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