Quarterly report pursuant to Section 13 or 15(d)

Earnings (Loss) per Common Share

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Earnings (Loss) per Common Share
 3 Months Ended
Mar. 30, 2013
Earnings Per Share [Abstract]  
Earnings (Loss) per Common Share
Note 7 – Earnings (Loss) per Common Share

Basic earnings (loss) per common share is calculated by dividing Net earnings (loss) 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 and stock options (collectively “options”), non-vested stock awards and performance awards.

Basic and diluted earnings (loss) per common share for the three months ended March 30, 2013 and March 31, 2012, were calculated as follows:
 
Three Months Ended
(in millions, except per share data)
March 30,
2013
 
March 31,
2012
Net earnings from continuing operations
$
54.9

 
$
47.0

Net loss from discontinued operations, net of tax
(5.1
)
 
(7.3
)
Net earnings
$
49.8

 
$
39.7

 
 
 
 
Weighted average outstanding shares – basic
90.6

 
89.5

Dilutive effect of common stock equivalents
2.9

 
2.8

Weighted average outstanding shares – diluted
93.5

 
92.3

 
 
 
 
Basic earnings (loss) per common share:
 
 
 
Continuing operations
$
0.61

 
$
0.52

Discontinued operations
(0.06
)
 
(0.08
)
Net earnings
$
0.55

 
$
0.44

 
 
 
 
Diluted earnings (loss) per common share:
 
 
 
Continuing operations
$
0.59

 
$
0.51

Discontinued operations
(0.06
)
 
(0.08
)
Net earnings
$
0.53

 
$
0.43



As of March 30, 2013, the Company had 6.9 million options outstanding, of which 5.1 million were exercisable.  This compares with 9.1 million options outstanding, of which 5.8 million were exercisable, as of March 31, 2012.  During the three months ended March 30, 2013 and March 31, 2012, there were 1.0 million and 2.3 million average shares of options outstanding, respectively, for which the exercise price was greater than the average market price of the Company’s shares for the period then ended.  These options were not included in the computation of diluted earnings per common share because the effect would have been anti-dilutive. Changes in average outstanding basic shares from March 31, 2012 to March 30, 2013, reflect the impact of options exercised in the first quarter of 2013.