Schneider National Inc
For the period ended Mar 31, 2024. Filed May 2, 2024.
View on SEC.govAbout this filing
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.
Mar 31, 2024 · Filed May 2, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Common Equity
- COMMON EQUITY
Earnings Per Share
The following table sets forth the computation of basic and diluted earnings per share for the three months ended March 31, 2024 and 2023, respectively.
| Three Months EndedMarch 31, | ||
|---|---|---|
| (in millions, except per share data) | 2024 | 2023 |
| Numerator: | ||
| Net income available to common shareholders | $18.5 | $98.0 |
| Denominator: | ||
| Weighted average common shares outstanding | 176.0 | 178.2 |
| Dilutive effect of share-based awards and options outstanding | 0.6 | 0.9 |
| Weighted average diluted common shares outstanding (1) | 176.6 | 179.1 |
| Basic earnings per common share | $0.11 | $0.55 |
| Diluted earnings per common share | 0.10 | 0.55 |
(1)Weighted average diluted common shares outstanding may not sum due to rounding.
The calculation of diluted earnings per share excluded 0.1 million and 0.5 million share-based awards and options that had an anti-dilutive effect for the three months ended March 31, 2024, and 2023, respectively.
Common Shares Outstanding
As of both March 31, 2024 and December 31, 2023, we had 83,029,500 shares of Class A common stock outstanding. There were no changes to the number of shares of Class A common stock outstanding for the three months ended March 31, 2024 and 2023.
The following table shows changes to our Class B common shares outstanding for the three months ended March 31, 2024 and 2023.
| Three Months EndedMarch 31, | ||
|---|---|---|
| 2024 | 2023 | |
| Outstanding at beginning of period | 92,931,242 | 94,993,144 |
| Repurchases of common stock | (562,767) | — |
| Share issuances | 659,784 | 633,860 |
| Exercise of employee stock options | 71,529 | 6,000 |
| Shares withheld for employee taxes | (255,458) | (244,277) |
| Outstanding at end of period | 92,844,330 | 95,388,727 |
In January 2023, our Board approved a share repurchase program under which the Company is authorized to repurchase up to $150.0 million of its Class A and/or Class B common shares. The program does not obligate the Company to repurchase a minimum number of shares and is intended to help offset the dilutive effect of equity grants to employees over time. Under this program, the Company may repurchase shares in privately negotiated and/or open market transactions. As of March 31, 2024, the Company has repurchased $79.2 million of the $150.0 million authorized under the repurchase program.
Subsequent Event - Dividends Declared
In April of 2024, the Board of Directors declared a quarterly cash dividend for the second fiscal quarter of 2024 in the amount of $0.095 per share to holders of our Class A and Class B common stock. The dividend is payable to shareholders of record at the close of business on June 7, 2024 and will be paid on July 9, 2024.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.