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				Nine Months Ended
	September 30, 2016		September 30, 2015		September 30, 2016			September 30, 2015
	(In millions, except per share amounts)
Amounts attributable to Molson Coors Brewing Company:
Net income (loss) from continuing operations	$	202.5	$	13.7	$	539.8		$	322.2
Income (loss) from discontinued operations, net of tax	—		2.9		(2.3		)	4.5
Net income (loss) attributable to Molson Coors Brewing Company	$	202.5	$	16.6	$	537.5		$	326.7
Weighted-average shares for basic EPS	214.8		185.0		211.1			185.5
Effect of dilutive securities:
RSUs, DSUs, PUs and PSUs	1.0		0.6		1.0			0.7
Stock options and SOSARs	0.5		0.4		0.5			0.4
Weighted-average shares for diluted EPS	216.3		186.0		212.6			186.6
Basic net income (loss) attributable to Molson Coors Brewing Company per share⁽¹⁾:
From continuing operations	$	0.94	$	0.07	$	2.56		$	1.74
From discontinued operations	—		0.02		(0.01		)	0.02
Basic net income (loss) attributable to Molson Coors Brewing Company per share	$	0.94	$	0.09	$	2.55		$	1.76
Diluted net income (loss) attributable to Molson Coors Brewing Company per share⁽¹⁾:
From continuing operations	$	0.94	$	0.07	$	2.54		$	1.73
From discontinued operations	—		0.02		(0.01		)	0.02
Diluted net income (loss) attributable to Molson Coors Brewing Company per share	$	0.94	$	0.09	$	2.53		$	1.75
Dividends declared and paid per share	$	0.41	$	0.41	$	1.23		$	1.23

(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		Nine Months Ended
	September 30, 2016	September 30, 2015	September 30, 2016	September 30, 2015
	(In millions)
RSUs, stock options and SOSARs	0.1	0.1	0.1	0.1

Separately, we expect that diluted EPS will be prospectively impacted by the issuance of replacement share-based compensation awards to various MillerCoors employees in conjunction with the Acquisition, which were issued on October 11, 2016. See Note 5, "Share-Based Payments" and Note 16, "Acquisition" for further information.

Class B Common Stock Equity Issuance

On February 3, 2016, we completed an underwritten public offering of our Class B common stock, which increased the number of Class B common shares issued and outstanding by 29.9 million shares and received proceeds of $2.5 billion, net of issuance costs. The shares issued had a par value of $0.01 per share totaling $0.3 million, and an impact to paid-in capital of $2.5 billion. Additionally, in order to maximize the yield on the cash received from the equity issuance, while maintaining the ability to readily access these funds, we strategically invested the proceeds in various fixed rate deposit and money market accounts with terms of one month or less as of September 30, 2016, and in advance of the completion of the Acquisition on October 11, 2016. See Note 16, "Acquisition" for more details.

Share Repurchase Program

In February 2015, we announced that 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. During the last three quarters of 2015, we purchased approximately 2 million shares of our Class B common stock under three separate accelerated share repurchase agreements (“ASRs”) for an aggregate of approximately $150 million. We reflected each ASR as a repurchase of common stock in the period delivered for purposes of calculating earnings per share and as forward contracts indexed to our own common stock. Each ASR met all of the applicable criteria for equity classification, and therefore, was not accounted for as a derivative instrument. As a result of the Acquisition, we suspended the share repurchase program and thus, there have been no shares of Class A or Class B common stock repurchased in 2016.