Earnings Per Share

6 Months Ended

Jul. 03, 2011

Earnings Per Share [Abstract]

Earnings Per Share

Note 5. Earnings Per Share

Basic and diluted earnings per share were computed based on net earnings. The weighted average number of common shares outstanding during the period was used in the calculation of basic earnings per share. This number of shares was increased by contingent shares that could be issued under various compensation plans as well as by the dilutive effect of stock options based on the treasury stock method in the calculation of diluted earnings per share.

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

	Second Quarter				Six Months
	2011		2010		2011		2010
Net income from continuing operations	$	38.7	$	28.0	$	71.2	$	53.0
Gain from discontinued operations, net of income taxes		113.6		0.6		113.1		0.6
Net income attributable to Teledyne Technologies (a)	$	152.3	$	28.6	$	184.3	$	53.6
Basic earnings per common share:
Weighted average common shares outstanding		36.6		36.2		36.6		36.2
Basic earnings per common share
— Continuing operations	$	1.06	$	0.77	$	1.95	$	1.46
— Discontinued operations		3.10		0.02		3.09		0.02
Basic earnings per common share	$	4.16	$	0.79	$	5.04	$	1.48
Diluted earnings per share:
Weighted average common shares outstanding		36.6		36.2		36.6		36.2
Dilutive effect of exercise of options outstanding		0.7		0.7		0.7		0.6
Weighted average diluted common shares outstanding		37.3		36.9		37.3		36.8
Diluted earnings per common share
— Continuing operations	$	1.04	$	0.76	$	1.91	$	1.44
— Discontinued operations		3.04		0.02		3.03		0.02
Diluted earnings per common share	$	4.08	$	0.78	$	4.94	$	1.46