Quarterly report pursuant to Section 13 or 15(d)

Note 4 - Earnings Per Share

v3.19.1
Note 4 - Earnings Per Share
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Earnings Per Share [Text Block]
4.
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 March 31,
(in millions, except per share data)
 
2019
 
2018
Numerator
 
 
 
 
 
 
 
 
Net income attributable to Global Brass and Copper Holdings, Inc.
  $
17.9
 
  $
15.8
 
Denominator
 
 
 
 
 
 
 
 
Weighted-average common shares outstanding
   
21.7
 
   
21.9
 
Effect of potentially dilutive securities:
               
Stock options and nonvested share awards
   
0.3
 
   
0.4
 
Weighted-average common shares outstanding, assuming dilution
   
22.0
 
   
22.3
 
                 
Anti-dilutive shares excluded from above
   
0.1
 
   
0.1
 
Net income attributable to Global Brass and Copper Holdings, Inc. per common share:
               
Basic   $
0.83
 
  $
0.72
 
Diluted   $
0.82
 
  $
0.71
 
 
On
July 31, 2018,
our 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 on the open market through
September 
30,
2020.
There were
no
shares repurchased under this program during the
three
months ended
March 31, 2019
. Since inception of the
2018
Share Repurchase Program through 
March 31, 2019
, we have repurchased
400,000
shares for
$12.6
million and have a remaining authorization of
$22.4
million as of
March 31, 2019
. 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.