Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2013

Effect of dilutive securities on diluted earnings per share

The following summarizes the effect of dilutive securities on diluted EPS:



	For the years ended
	December 31, 2013		December 29, 2012		December 31, 2011
	(In millions, except per share amounts)
Amount attributable to MCBC
Net income (loss) from continuing operations	$	565.3	$	441.5	$	674.0
Income (loss) from discontinued operations, net of tax	2.0		1.5		2.3
Net income (loss) attributable to MCBC	$	567.3	$	443.0	$	676.3
Weighted-average shares for basic EPS	183.0		180.8		184.9
Effect of dilutive securities:
Options and SOSARs	0.7		0.5		0.9
RSUs, PUs and DSUs	0.5		0.5		0.6
Weighted-average shares for diluted EPS	184.2		181.8		186.4
Basic net income (loss) per share:
Continuing operations attributable to MCBC	$	3.09	$	2.44	$	3.65
Discontinued operations attributable to MCBC	0.01		0.01		0.01
Basic net income (loss) attributable to MCBC	$	3.10	$	2.45	$	3.66
Diluted net income (loss) per share:
Continuing operations attributable to MCBC	$	3.07	$	2.43	$	3.62
Discontinued operations attributable to MCBC	0.01		0.01		0.01
Diluted net income (loss) attributable to MCBC	$	3.08	$	2.44	$	3.63
Dividends declared and paid per share	$	1.28	$	1.28	$	1.24

Anti-dilutive securities excluded from computation of diluted earnings per share

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



	For the years ended
	December 31, 2013	December 29, 2012	December 31, 2011
	(In millions)
Stock options, SOSARs and RSUs	0.1	1.5	0.9
Total anti-dilutive securities	0.1	1.5	0.9

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 of $2.6 million, 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. Simultaneously with the issuance of these notes, we issued warrants which began expiring in December 2013 and the final warrants expired February 6, 2014, during which time the outstanding warrants had no impact on diluted income per share. The potential impacts of these warrants had no impact on diluted income per share for all periods presented and $10.9 million of anti-dilutive securities were excluded from the computation of the effect of dilutive securities on diluted earnings per share for the year ended December 31, 2013. See Note 13, "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 13, "Debt" for further discussion.