Earnings (Loss) per Common Share

9 Months Ended

Oct. 01, 2011

Earnings (Loss) per Common Share [Abstract]

Note 6 – 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 (loss) per common share is calculated similarly, except that the calculation includes the dilutive effect of SARs and stock options (collectively “options”) and non-vested stock awards.

Basic and diluted earnings (loss) per common share for the three months and nine months ended October 1, 2011 and for the comparable periods ended October 2, 2010 were calculated as follows:

	Three Months Ended					Nine Months Ended
(in millions, except per share data)	October 1, 2011		October 2, 2010			October 1, 2011		October 2, 2010

Net earnings (loss)	$	4.7	$	(7.2	)	$	101.5	$	(6.5	)

Weighted average outstanding shares – basic		89.4		88.8			89.3		88.7
Dilutive effect of common stock equivalents		2.4		-			3.0		-

Weighted average outstanding shares – diluted		91.8		88.8			92.3		88.7

Basic earnings (loss) per common share	$	0.05	$	(0.08	)	$	1.14	$	(0.07	)

Diluted earnings (loss) per common share	$	0.05	$	(0.08	)	$	1.10	$	(0.07	)

As of October 1, 2011, the Company had 9.4 million options outstanding, of which 4.8 million were exercisable. This compares with 9.9 million options outstanding, of which 4.5 million were exercisable, as of October 2, 2010. During the three months and nine months ended October 1, 2011, there were 4.7 million and 2.9 million weighted average shares of options outstanding, respectively, for which the exercise price, based on the average 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. This compares to 5.0 million and 5.1 million weighted average shares of anti-dilutive options outstanding that were excluded from the corresponding periods ended October 2, 2010. Common stock equivalents had an anti-dilutive effect on the net losses from operations during the three months and nine months ended October 2, 2010 and were not included in the diluted earnings (loss) per common share computation for those periods.