Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.10.0.1
Earnings Per Share
6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
Basic earnings per share is computed based on the weighted-average number of common shares outstanding and diluted earnings per share is computed based on the weighted-average number of common shares outstanding including the number of additional shares that would have been outstanding had potentially dilutive common shares been issued. Potentially dilutive securities include nonvested share awards and stock options for which the exercise price was less than the average market price of our outstanding common stock. Nonvested performance-based share awards are included in the average diluted shares outstanding for each period if established performance criteria have been met at the end of the respective periods.
The following table sets forth the computation of basic and diluted earnings per share:
 
Three Months Ended
June 30,
 
Six Months Ended
June 30,
(in millions, except per share data)
2018
 
2017
 
2018
 
2017
Numerator
 
 
 
 
 
 
 
Net income attributable to Global Brass and Copper Holdings, Inc.
$
21.0

 
$
15.7

 
$
36.8

 
$
33.2

Denominator
 
 
 
 
 
 
 
Weighted-average common shares outstanding
22.0

 
21.8

 
21.9

 
21.6

Effect of potentially dilutive securities:
 
 
 
 
 
 
 
Stock options and nonvested share awards
0.3

 
0.3

 
0.3

 
0.5

Weighted-average common shares outstanding, assuming dilution
22.3

 
22.1

 
22.2

 
22.1

 
 
 
 
 
 
 
 
Anti-dilutive shares excluded from above
0.1

 
0.2

 
0.1

 
0.2

Net income attributable to Global Brass and Copper Holdings, Inc. per common share:
 
 
 
 
 
 
 
Basic
$
0.95

 
$
0.72

 
$
1.68

 
$
1.54

Diluted
$
0.94

 
$
0.71

 
$
1.66

 
$
1.50


On July 31, 2018, the Company’s Board of Directors authorized a share repurchase program (the “2018 Share Repurchase Program”), whereby we may repurchase up to $35.0 million of our common stock through September 30, 2020. There have been no shares repurchased under this program as of the date of this report. In addition, we frequently buy shares of our common stock from employees as an accommodation to them to satisfy their tax withholding obligations under our stock compensation plans; these transactions are not included as part of the authorization under our 2018 Share Repurchase Program.