Quarterly report pursuant to Section 13 or 15(d)

EARNINGS PER SHARE

v3.19.2
EARNINGS PER SHARE
 6 Months Ended
Jun. 29, 2019
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
The computation of basic and diluted earnings per share ("EPS") is based on net income divided by the basic weighted average number of common shares and diluted weighted average number of common shares outstanding, respectively. On May 22, 2019, the Separation from VF was effected through a pro-rata distribution of one share of the Company's common stock for every seven shares of VF common stock held at the close of business on the record date of May 10, 2019. As a result, on May 23, 2019, the
Company had 56,647,561 shares of common stock outstanding. This share amount is being utilized for the calculation of basic and diluted earnings per share for all periods presented through the Separation date. After the Separation date, actual outstanding shares are used to calculate both basic and diluted weighted average number of common shares outstanding.


The following table sets forth the computation of basic and diluted EPS:
 
Three Months Ended June
Six Months Ended June
 
 
 
 
 
 
 
 
 
 
 
 
(in thousands, except per share amounts)
 
2019
 
 
2018
 
 
2019
 
 
2018
Net income
 
$
37,986

 
 
$
60,458

 
 
$
53,399

 
 
$
140,154

Basic weighted average shares outstanding
 
56,648

 
 
56,648

 
 
56,648

 
 
56,648

Dilutive effect of stock-based awards
 
272

 
 
—

 
 
131

 
 
—

Diluted weighted average shares outstanding
 
56,920

 
 
56,648

 
 
56,779

 
 
56,648

Earnings per share:
 
 
 
 
 
 
 

 
 

Basic earnings per share
 
$
0.67

 
 
$
1.07

 
 
$
0.94

 
 
$
2.47

Diluted earnings per share
 
0.67

 
 
1.07

 
 
0.94

 
 
2.47