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. 29, 2014
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 29, 2014 and March 30, 2013, were calculated as follows:
(in millions, except per share data)
March 29,
2014
 
March 30,
2013
Net earnings from continuing operations
$
57.0

 
$
54.9

Net loss from discontinued operations, net of tax
—

 
(5.1
)
Net earnings
$
57.0

 
$
49.8

 
 
 
 
Weighted average outstanding shares – basic
93.3

 
90.6

Dilutive effect of common stock equivalents
1.7

 
2.9

Weighted average outstanding shares – diluted
95.0

 
93.5

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

 
$
0.61

Discontinued operations
—

 
(0.06
)
Net earnings
$
0.61

 
$
0.55

 
 
 
 
Diluted earnings (loss) per common share:
 
 
 
Continuing operations
$
0.60

 
$
0.59

Discontinued operations
—

 
(0.06
)
Net earnings
$
0.60

 
$
0.53



As of March 29, 2014, the Company had 3.5 million options outstanding, of which 3.0 million were exercisable.  This compares with 6.9 million options outstanding, of which 5.1 million were exercisable, as of March 30, 2013.  During the three months ended March 29, 2014 and March 30, 2013, there were 0.3 million and 1.0 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 30, 2013 to March 29, 2014, reflect the impact of options exercised and the vesting of stock and performance awards since the beginning of 2013.