Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.5.0.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
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.
The Company early-adopted ASU 2016-09 on a prospective basis, effective January 1, 2016, which resulted in an additional 251,000 diluted weighted average shares for the six months ended June 30, 2016. See Note 1 under Changes affecting comparability for further discussion.
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 June 30,
 
Six Months Ended June 30,
 
2016
 
2015
 
2016
 
2015
Weighted average shares of common stock outstanding, used in computing basic earnings per share
69,694

 
70,339

 
69,567

 
70,210

Effect of dilutive stock options and restricted stock units
—

 
—

 
975

 
942

Weighted average shares of common stock outstanding, used in computing diluted earnings per share
69,694

 
70,339

 
70,542

 
71,152

Earnings per share of common stock attributable to Columbia Sportswear Company:
 
 
 
 
 
 
 
Basic
$
(0.12
)
 
$
(0.09
)
 
$
0.34

 
$
0.28

Diluted
(0.12
)
 
(0.09
)
 
0.33

 
0.28


 
Stock options and service-based restricted stock units representing 2,793,715 and 3,058,634 shares of common stock for the three months ended June 30, 2016 and 2015, respectively, were outstanding but were excluded from the computation of diluted EPS because their effect would be anti-dilutive due to a net loss in the period. Stock options and service-based restricted stock units representing 471,964 and 116,558 shares of common stock for the six months ended June 30, 2016 and 2015, 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 76,742 and 138,005 shares of common stock for the three months ended June 30, 2016 and 2015, respectively, and 69,472 and 129,954 shares of common stock for the six months ended June 30, 2016 and 2015, 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 June 30, 2016, 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 June 30, 2016, the Company had repurchased 20,992,740 shares under this program at an aggregate purchase price of approximately $526,511,000. During the six months ended June 30, 2016, the Company did not repurchase any shares of the Company's common stock. During the six months ended June 30, 2015, the Company repurchased 258,874 shares of the Company's common stock at an aggregate purchase price of $14,525,000.