Columbia Sportswear Company Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

Earnings Per Share

9 Months Ended

Sep. 30, 2017

EARNINGS PER SHARE

Earnings per share ("EPS") is presented on both a basic and diluted basis. Basic EPS is based on the weighted average number of common shares outstanding. Diluted EPS reflects the potential dilution that could occur if outstanding securities or other contracts to issue common stock were exercised or converted into common stock.

A reconciliation of common shares used in the denominator for computing basic and diluted EPS is as follows (in thousands, except per share amounts):



	Three Months Ended September 30,				Nine Months Ended September 30,
	2017		2016		2017		2016
Weighted average shares of common stock outstanding, used in computing basic earnings per share	69,815		69,761		69,698		69,632
Effect of dilutive stock options and restricted stock units	574		869		692		954
Weighted average shares of common stock outstanding, used in computing diluted earnings per share	70,389		70,630		70,390		70,586
Earnings per share of common stock attributable to Columbia Sportswear Company:
Basic	$	1.26	$	1.20	$	1.61	$	1.54
Diluted	$	1.25	$	1.18	$	1.59	$	1.52

Stock options and service-based restricted stock units representing 931,524 and 575,541 shares of common stock for the three months ended September 30, 2017 and 2016, respectively and 887,508 and 506,437 shares of common stock for the nine months ended September 30, 2017 and 2016, respectively, were outstanding but were excluded from the computation of diluted EPS because their effect would be anti-dilutive as a result of applying the treasury stock method. In addition, performance-based restricted stock units representing 36,589 and 71,243 shares of common stock for the three months ended September 30, 2017 and 2016, respectively, and 43,292 and 68,897 shares of common stock for the nine months ended September 30, 2017 and 2016, respectively, were outstanding but were excluded from the computation of diluted EPS because these shares were subject to performance conditions that had not been met.

Common Stock Repurchase Plan

Since the inception of the Company's stock repurchase plan in 2004 through September 30, 2017, the Company's Board of Directors has authorized the repurchase of $700,000,000 of the Company's common stock. Shares of the Company's common stock may be purchased in the open market or through privately negotiated transactions, subject to market conditions. The repurchase program does not obligate the Company to acquire any specific number of shares or to acquire shares over any specified period of time. As of September 30, 2017, the Company had repurchased 21,658,035 shares under this program at an aggregate purchase price of approximately $562,064,000. During the nine months ended September 30, 2017, the Company repurchased 665,095 shares of the Company's common stock at an aggregate purchase price of $35,542,000. During the nine months ended September 30, 2016, the Company did not repurchase any shares of the Company's common stock.