Earnings Per Share ("EPS")

Basic EPS was computed using the weighted-average number of shares of common stock outstanding during the period. Diluted EPS includes the additional dilutive effect of our potentially dilutive securities, which include RSUs, DSUs, PUs, PSUs, stock options and SOSARs. The dilutive effects of our potentially dilutive securities are calculated using the treasury stock method. The following summarizes the effect of dilutive securities on diluted EPS:



	Three Months Ended					Six Months Ended
	June 30, 2015			June 30, 2014		June 30, 2015		June 30, 2014
	(In millions, except per share amounts)
Amounts attributable to Molson Coors Brewing Company:
Net income (loss) from continuing operations	$	229.3		$	290.7	$	308.5	$	456.0
Income (loss) from discontinued operations, net of tax	(0.3		)	0.2		1.6		(1.7		)
Net income (loss) attributable to Molson Coors Brewing Company	$	229.0		$	290.9	$	310.1	$	454.3
Weighted-average shares for basic EPS	185.7			184.8		185.8		184.5
Effect of dilutive securities:
RSUs, DSUs, PUs and PSUs	0.4			0.4		0.4		0.6
Stock options and SOSARs	0.4			0.7		0.5		0.6
Weighted-average shares for diluted EPS	186.5			185.9		186.7		185.7
Basic net income (loss) attributable to Molson Coors Brewing Company per share⁽¹⁾:
From continuing operations	$	1.23		$	1.57	$	1.66	$	2.47
From discontinued operations	—			—		0.01		(0.01		)
Basic net income (loss) attributable to Molson Coors Brewing Company per share	$	1.23		$	1.57	$	1.67	$	2.46
Diluted net income (loss) attributable to Molson Coors Brewing Company per share⁽¹⁾:
From continuing operations	$	1.23		$	1.56	$	1.65	$	2.46
From discontinued operations	—			—		0.01		(0.01		)
Diluted net income (loss) attributable to Molson Coors Brewing Company per share	$	1.23		$	1.56	$	1.66	$	2.45
Dividends declared and paid per share	$	0.41		$	0.37	$	0.82	$	0.74

(1)

The sum of the quarterly net income per share amounts may not agree to the full year net income per share amounts. We calculate net income per share based on the weighted-average number of outstanding shares during the period for each reporting period presented. The average number of shares fluctuates throughout the year and can therefore produce a full year result that does not agree to the sum of the individual quarters.

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



	Three Months Ended		Six Months Ended
	June 30, 2015	June 30, 2014	June 30, 2015	June 30, 2014
	(In millions)
RSUs, stock options and SOSARs	0.1	0.1	0.1	—

Share Repurchase Program

In February 2015, our Board of Directors approved and authorized a new program to repurchase up to $1.0 billion of our Class A and Class B common stock with a program term of four years. Under the program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act. The number, price and timing of the repurchases will be at the Company’s sole discretion and will be evaluated depending on market conditions, liquidity needs or other factors. The Company’s Board of Directors may suspend, modify or terminate the program at any time without prior notice. This repurchase program replaces and supersedes any repurchase programs previously approved by the Board of Directors. Under Delaware state law, these shares are not retired, and the issuer has the right to resell any of the shares repurchased. Beginning in April 2015, under this program, we entered into an accelerated share repurchase agreement (“ASR”) with a financial institution. In exchange for up-front payments, the financial institution delivers shares of our common stock during the purchase periods of each ASR. The total number of shares ultimately delivered, and therefore the average repurchase price paid per share, will be determined at the end of the applicable purchase period of each ASR based on the volume weighted-average price of our common stock during that period. The up-front payments for the treasury stock are accounted for as a reduction to shareholders’ equity in the unaudited condensed consolidated balance sheet in the periods the payments are made. We reflect the ASR as a repurchase of common stock in the period delivered for purposes of calculating earnings per share and as forward contracts indexed to its own common stock. The ASR met all of the applicable criteria for equity classification, and therefore, is not accounted for as a derivative instrument.

During the second quarter of 2015, we purchased a total of 0.7 million shares of our Class B common stock under an ASR for $50 million. In July 2015, under a separate ASR, we received Class B common stock for an up-front payment of $50 million. The total number of shares ultimately delivered under this ASR, and therefore the average repurchase price paid per share, will be determined at the end of the purchase period in September 2015.