Quarterly report pursuant to Section 13 or 15(d)

Earnings per Common Share

v3.4.0.3
Earnings per Common Share
 3 Months Ended
Apr. 02, 2016
Earnings Per Share [Abstract]  
Earnings per Common Share
Earnings per Common Share

Basic earnings per common share is calculated by dividing Net earnings by the weighted average number of common shares outstanding during the period. Diluted earnings per common share is calculated similarly, except that the calculation includes the dilutive effect of stock-settled SARs, non-vested stock awards and performance awards.

Basic and diluted earnings per common share for the three months ended April 2, 2016 and April 4, 2015 were calculated as follows:
(in millions, except per share data)
 
April 2,
2016
 
April 4,
2015
Net earnings from continuing operations
 
$
63.2

 
$
56.6

Net earnings from discontinued operations, net of tax
 
1.6

 
0.4

Net earnings
 
$
64.8

 
$
57.0

 
 
 
 
 
Weighted average outstanding shares – basic
 
91.8

 
93.8

Dilutive effect of common stock equivalents
 
1.0

 
1.4

Weighted average outstanding shares – diluted
 
92.8

 
95.2

 
 
 
 
 
Basic earnings per common share:
 
 
 
 
Continuing operations
 
$
0.69

 
$
0.60

Discontinued operations
 
0.02

 
0.01

Net earnings
 
$
0.71

 
$
0.61

 
 
 
 
 
Diluted earnings per common share:
 
 
 
 
Continuing operations
 
$
0.68

 
$
0.59

Discontinued operations
 
0.02

 
0.01

Net earnings
 
$
0.70

 
$
0.60



As of April 2, 2016, the Company had 1.2 million SARs outstanding and exercisable. This compares with 2.3 million SARs outstanding, of which 2.2 million were exercisable, as of April 4, 2015. During the three months ended April 2, 2016 and April 4, 2015, there were no SARs outstanding for which the exercise price was greater than the average market price of the Company’s shares for the period then ended. Therefore, there were no non-dilutive SARs to exclude from the computation of diluted earnings per common share. Changes in average outstanding basic shares from April 4, 2015 to April 2, 2016 reflect the impact of SARs exercised and the vesting of stock and performance awards since the first quarter of 2015, net of the impact of common stock repurchases throughout 2015 and the first quarter of 2016.