Earnings per Share ("EPS")

9 Months Ended

Sep. 28, 2013

Earnings Per Share [Abstract]

Earnings per Share ("EPS")

Earnings Per Share

Basic net income per share was computed using the weighted-average number of shares of common stock outstanding during the period. Diluted net income per share includes the additional dilutive effect of our potentially dilutive securities, which include stock options, SOSARs, RSUs, PSUs, PUs, and DSUs. The dilutive effects of our potentially dilutive securities are calculated using the treasury stock method. Diluted income per share could also be impacted by our warrants outstanding to the extent dilutive. The following summarizes the effect of dilutive securities on diluted EPS:

	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	September 28, 2013		September 29, 2012		September 28, 2013		September 29, 2012
	(In millions, except per share amounts)
Amounts attributable to MCBC
Net income (loss) from continuing operations	$	120.9	$	197.7	$	434.1	$	381.4
Income (loss) from discontinued operations, net of tax	0.9		0.7		1.7		1.6
Net income (loss) attributable to MCBC	$	121.8	$	198.4	$	435.8	$	383.0
Weighted-average shares for basic EPS	183.5		181.0		182.7		180.7
Effect of dilutive securities:
Stock options and SOSARs	0.6		0.6		0.7		0.5
RSUs, PSUs, PUs and DSUs	0.5		0.4		0.5		0.5
Weighted-average shares for diluted EPS	184.6		182.0		183.9		181.7
Basic net income (loss) per share:
Continuing operations attributable to MCBC	$	0.65	$	1.09	$	2.38	$	2.11
Discontinued operations attributable to MCBC	0.01		—		0.01		0.01
Basic net income (loss) attributable to MCBC	$	0.66	$	1.09	$	2.39	$	2.12
Diluted net income (loss) per share:
Continuing operations attributable to MCBC	$	0.65	$	1.09	$	2.36	$	2.10
Discontinued operations attributable to MCBC	0.01		—		0.01		0.01
Diluted net income (loss) attributable to MCBC	$	0.66	$	1.09	$	2.37	$	2.11
Dividends declared and paid per share	$	0.32	$	0.32	$	0.96	$	0.96

The following anti-dilutive securities were excluded from the computation of the effect of dilutive securities on diluted earnings per share:

	Thirteen Weeks Ended		Thirty-Nine Weeks Ended
	September 28, 2013	September 29, 2012	September 28, 2013	September 29, 2012
	(In millions)
Stock options, SOSARs and RSUs	0.1	0.9	0.2	1.5
Warrants to issue shares of Class B common stock	11.1	11.0	11.1	10.9
Total weighted-average anti-dilutive securities	11.2	11.9	11.3	12.4

Convertible Notes

In June 2007, we issued $575 million of senior convertible notes due July 2013. On July 30, 2013, these notes matured and were repaid for their face value of $575 million. The required premium payment, based on our weighted-average Class B common stock price exceeding the then-applicable conversion price on any of the 25 trading days following the maturity date, was settled in cash and entirely offset by the cash proceeds received from the settlement of the call options we purchased in 2007 related to these notes. As a result, these notes and related call options did not impact our shares outstanding. Additionally, the potential impacts of these notes and related call options had no impact on diluted income per share for all periods presented. The impact of stock that could be issued to settle share obligations we could have under the warrants we issued simultaneously with the issuance of these notes will begin to dilute earnings per share when our Class B common stock price reaches $66.13 per share. The warrants expire beginning December 2013 through February 2014. See Note 12, "Debt" for further discussion.

Upon closing of the Acquisition in June 2012, we issued a €500 million Zero Coupon Senior Unsecured Convertible Note to the Seller. On August 13, 2013, the Seller exercised the embedded put option and we subsequently settled the note using cash. As a result, the convertible note did not impact our shares outstanding and was excluded from the computation of the effect of diluted securities on diluted earnings per share for all periods presented. See Note 12, "Debt" for further discussion.