FRANKLIN ELECTRIC CO INC
For the period ended Sep 30, 2024. Filed Oct 31, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 31, 2024
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Earnings Per Share
- EARNINGS PER SHARE
The Company calculates basic and diluted earnings per common share using the two-class method. Under the two-class method, net earnings are allocated to each class of common stock and participating security as if all of the net earnings for the period had been distributed. The Company's participating securities consist of share-based payment awards that contain a non-forfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common shareholders.
Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocated to common shares by the weighted-average number of common shares outstanding for the period, as adjusted for the potential dilutive effect of non-participating share-based awards.
The following table sets forth the computation of basic and diluted earnings per share:
| Third Quarter Ended | Nine Months Ended | |||
|---|---|---|---|---|
| (In millions, except per share amounts) | September 30, 2024 | September 30, 2023 | September 30, 2024 | September 30, 2023 |
| Numerator: | ||||
| Net income attributable to Franklin Electric Co., Inc. | $54.6 | $57.8 | $146.7 | $154.7 |
| Less: Earnings allocated to participating securities | 0.2 | 0.2 | 0.5 | 0.5 |
| Net income available to common shareholders | $54.4 | $57.6 | $146.2 | $154.2 |
| Denominator: | ||||
| Basic weighted average common shares outstanding | 45.7 | 46.2 | 45.9 | 46.2 |
| Effect of dilutive securities: | ||||
| Non-participating employee stock options, performance awards, and deferred shares to non-employee directors | 0.6 | 0.7 | 0.6 | 0.7 |
| Diluted weighted average common shares outstanding | 46.3 | 46.9 | 46.5 | 46.9 |
| Basic earnings per share | $1.19 | $1.25 | $3.18 | $3.34 |
| Diluted earnings per share | $1.17 | $1.23 | $3.14 | $3.29 |
There were 0.1 million stock options outstanding for the third quarters and nine months ended September 30, 2024 and September 30, 2023, that were excluded from the computation of diluted earnings per share, as their inclusion would be anti-dilutive.
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