Net Earnings Per Share

9 Months Ended

Sep. 28, 2018

Earnings Per Share [Abstract]

Net Earnings Per Share

NOTE 11. NET EARNINGS PER SHARE

Basic net earnings per share (“EPS”) is calculated by dividing net earnings attributable to common stockholders by the weighted average number of shares of common stock outstanding for the applicable period. Diluted EPS is similarly calculated, except that the calculation includes the dilutive effect of the assumed issuance of shares under stock-based compensation plans under the treasury stock method, except where the inclusion of such shares would have an anti-dilutive impact. There were no anti-dilutive options to purchase shares excluded from the diluted EPS calculation for the three months ended September 28, 2018 and there were 0.1 million anti-dilutive options excluded from the diluted EPS calculation for the nine months ended September 28, 2018. The anti-dilutive options to purchase shares excluded from the diluted EPS calculation were immaterial for the three and nine months ended September 29, 2017.

The impact of our MCPS calculated under the if-converted method were anti-dilutive, and as such 16.1 million and 5.4 million shares were excluded from the dilutive EPS calculation for the three and nine months ended September 28, 2018.

Information related to the calculation of net earnings per share of common stock is summarized as follows ($ and shares in millions, except per share amounts):

	Three Months Ended					Nine Months Ended
	September 28, 2018			September 29, 2017		September 28, 2018			September 29, 2017
Numerator
Net earnings	$	245.3		$	267.8	$	801.5		$	707.6
Mandatory convertible preferred stock cumulative dividends	(17.4		)	—		(17.6		)	—
Net earnings attributable to common stockholders	$	227.9		$	267.8	$	783.9		$	707.6
Denominator
Weighted average common shares outstanding used in basic earnings per share	349.9			347.7		349.2			347.3
Incremental common shares from:
Assumed exercise of dilutive options and vesting of dilutive Stock Awards	5.4			5.2		5.6			4.9
Weighted average common shares outstanding used in diluted earnings per share	355.3			352.9		354.8			352.2
Net earnings per common share - Basic	$	0.65		$	0.77	$	2.24		$	2.04
Net earnings per share - Diluted	$	0.64		$	0.76	$	2.21		$	2.01

We declared and paid cash dividends per common share during the periods presented as follows:

	Dividend Per Common Share		Amount ($ in millions)
2018:
First quarter	$	0.07	$	24.3
Second quarter	0.07		24.4
Third quarter	0.07		24.5
Total	$	0.21	$	73.2
2017:
First quarter	$	0.07	$	24.3
Second quarter	0.07		24.3
Third quarter	0.07		24.3
Total	$	0.21	$	72.8
* The sum of the components of total dividends paid may not equal the total amount due to rounding.

On August 2, 2018, we declared an initial quarterly cash dividend of $12.78 per share on our MCPS which was paid on September 28, 2018, to stockholders of record on September 15, 2018. The aggregate amount of such cash dividend was $17.6 million.