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Earnings per Share
 3 Months Ended
Mar. 31, 2017
Earnings Per Share [Abstract]  
Earnings per Share

5. Earnings per Share

Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. For diluted earnings per common share, the denominator also includes the dilutive effect of outstanding restricted stock units, stock options and total shareholder return performance restricted stock units determined using the treasury stock method. Dilutive effects of contingently issuable shares are included in the weighted average dilutive share calculation using the treasury stock method when the contingencies have been resolved. For periods in which net losses are generated, the dilutive potential common shares are excluded from the calculation of diluted earnings per share as the effect would be anti-dilutive.

The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share amounts):

 

 

Three Months Ended

 

 

March 31,

 

 

April 1,

 

 

2017

 

 

2016

 

Numerators:

 

 

 

 

 

 

 

Income from continuing operations

$

34,274

 

 

$

1,906

 

Less: Net income attributable to noncontrolling interest

 

(22

)

 

 

—

 

Income from continuing operations attributable to Novanta Inc.

 

34,252

 

 

 

1,906

 

Loss from discontinued operations

 

—

 

 

 

—

 

Net income attributable to Novanta Inc.

$

34,252

 

 

$

1,906

 

 

 

 

 

 

 

 

 

Denominators:

 

 

 

 

 

 

 

Weighted average common shares outstanding— basic

 

34,765

 

 

 

34,657

 

Dilutive potential common shares

 

360

 

 

 

196

 

Weighted average common shares outstanding— diluted

 

35,125

 

 

 

34,853

 

Antidilutive common shares excluded from above

 

—

 

 

 

—

 

 

 

 

 

 

 

 

 

Basic Earnings per Share:

 

 

 

 

 

 

 

From continuing operations

$

0.99

 

 

$

0.05

 

From discontinued operations

$

—

 

 

$

—

 

Basic earnings per share attributable to Novanta Inc.

$

0.99

 

 

$

0.05

 

 

 

 

 

 

 

 

 

Diluted Earnings per Share:

 

 

 

 

 

 

 

From continuing operations

$

0.98

 

 

$

0.05

 

From discontinued operations

$

—

 

 

$

—

 

Diluted earnings per share attributable to Novanta Inc.

$

0.98

 

 

$

0.05

 

 

Common Share Repurchases

During the three months ended March 31, 2017, the Company repurchased 14,000 shares in the open market for an aggregate purchase price of $0.4 million at an average price of $26.41 per share.