v3.24.2.u1
Shareholders' Equity
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Shareholders' Equity Shareholders’ Equity
Earnings per Share
The following table sets forth the computation of basic and diluted earnings per share:
Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Numerator:
Net income attributable to Sonoco$90,811 $114,649 $155,988 $262,968 
Denominator:
Weighted average common shares outstanding:
Basic98,671 98,325 98,583 98,246 
Dilutive effect of share-based compensation570 547 616 494 
Diluted99,241 98,872 99,199 98,740 
Net income attributable to Sonoco per common share:
Basic$0.92 $1.17 $1.58 $2.68 
Diluted$0.92 $1.16 $1.57 $2.66 
Cash dividends$0.52 $0.51 $1.03 $1.00 
No adjustments were made to “Net income attributable to Sonoco” in the computations of net income attributable to Sonoco per common share.
Anti-dilutive Securities
Potentially dilutive securities are calculated in accordance with the treasury stock method, which assumes the proceeds from the exercise of all dilutive stock appreciation rights (“SARs”) are used to repurchase the Company’s common stock. Certain SARs are not dilutive because either the exercise price is greater than the average market price of the stock during the reporting period or assumed repurchases from proceeds from the exercise of the SARs were anti-dilutive. These SARs may become dilutive in the future if the market price of the Company’s common stock appreciates.
The average numbers of SARs that were anti-dilutive and, therefore, not included in the computation of diluted earnings per share during the three- and six-month periods ended June 30, 2024 and July 2, 2023 were as follows (in thousands):
Three Months EndedSix Months Ended
June 30, 2024July 2, 2023June 30, 2024July 2, 2023
Anti-dilutive stock appreciation rights338341339342
Stock Repurchases
On April 20, 2021, the Company’s Board of Directors (the “Board”) authorized the repurchase of the Company’s common stock in an aggregate amount of up to $350,000. Following several repurchase transactions in 2021, a total of $137,972 remained available for share repurchases under this authorization as of December 31, 2021. No shares were repurchased under this authorization during the years ended December 31, 2023 or 2022 or the six-month period ended June 30, 2024.
The Company regularly repurchases shares of its common stock to satisfy employee tax withholding obligations in association with certain share-based compensation awards. These repurchases, which are not part of a publicly announced plan or program, totaled 163 shares during the six-month period ended June 30, 2024, at a cost of $9,162, and 175 shares during the six-month period ended July 2, 2023, at a cost of $10,602.
Dividend Declarations
On February 14, 2024, the Board declared a regular quarterly dividend of $0.51 per share. This dividend was paid on March 8, 2024 to all shareholders of record as of February 28, 2024.
On April 17, 2024, the Board declared a regular quarterly dividend of $0.52 per share. This dividend was paid on June 10, 2024 to all shareholders of record as of May 10, 2024.
On July 17, 2024, the Board declared a regular quarterly dividend of $0.52 per share. This dividend is payable on September 10, 2024 to all shareholders of record as of August 9, 2024.