Note 4 – Earnings Per Share and Shareholders’ Equity

Basic earnings per share is computed on the basis of the weighted average number of shares outstanding during the year. Diluted earnings per share includes the dilutive effect of stock options and restricted stock units. Common shares issuable from stock options excluded from the calculation of diluted earnings per share because they were anti-dilutive were 766,500 and 688,600 in the three and six month periods ending April 1, 2016, respectively. Common shares issuable from stock options excluded from the calculation of diluted earnings per share because they were anti-dilutive were 257,650 and 197,375 in the three and six month periods ending March 27, 2015, respectively. Shares used for calculating earnings per share are disclosed in the following table:

In Thousands	Three Months Ended				Six Months Ended
	April 1,		March 27,		April 1,		March 27,
	2016		2015		2016		2015
			(Recast)				(Recast)

Shares used for basic earnings per share		29,588		31,162		29,585		31,401
Shares used for diluted earnings per share		29,825		31,687		29,882		31,937

The authorized capital stock of the Company consists of 25,000 shares of preferred stock ($100 par value), 475,000 shares of serial preferred stock ($1.00 par value), each issuable in series, and 60,000,000 shares of common stock ($.20 par value). As of April 1, 2016, and October 2, 2015, there were no shares of preferred stock or serial preferred stock outstanding.

On June 19, 2014, the Company’s board of directors approved a $200 million share repurchase program. In March 2015, the Company’s board of directors approved an additional $200 million for the share repurchase program. Under the program, the Company is authorized to repurchase up to $400 million of outstanding shares of common stock from time to time, depending on market conditions, share price and other factors. Repurchases may be made in the open market or through private transactions, in accordance with SEC requirements. The Company may enter into a Rule 10(b)5-1 plan designed to facilitate the repurchase of all or a portion of the repurchase amount. The program does not require the Company to acquire a specific number of shares. Common stock repurchased can be reissued, and accordingly, the Company accounts for repurchased stock under the cost method of accounting.

During the six months ended April 1, 2016, the Company repurchased 202,310 shares under this program at an average price paid per share of $59.69, for an aggregate purchase price of $12.1 million. During the six months ended March 27, 2015, the Company repurchased 1,167,732 shares under this program at an average price paid per share of $109.12, for an aggregate purchase price of $127.4 million. Since the program began, the Company has repurchased 3,033,660 shares for an aggregate purchase price of $301.9 million, leaving $98.1 million for shares to be repurchased in the future.

Changes in issued and outstanding common shares are summarized as follows:

	Six Months Ended			Year Ended
	April 1,			October 2,
	2016			2015
Shares Issued:
Balance, beginning of year		32,378,185			32,123,717
Shares issued under share-based compensation plans		103,629			254,468
Balance, end of current period		32,481,814			32,378,185

Treasury Stock:
Balance, beginning of year		(2,831,350	)		(269,228	)
Shares purchased		(202,310	)		(2,562,122	)
Balance, end of current period		(3,033,660	)		(2,831,350	)

Shares outstanding, end of period		29,448,154			29,546,835

The components of Accumulated Other Comprehensive Gain (Loss):

In Thousands	April 1,			October 2,
	2016			2015

Unrealized gain (loss) on derivative contracts	$	(6,840	)	$	(22,941	)
Tax effect		1,542			6,036
		(5,298	)		(16,905	)

Pension and post-retirement obligations		(97,535	)		(99,724	)
Tax effect		32,934			33,775
		(64,601	)		(65,949	)

Currency translation adjustment		(234,189	)		(225,974	)
Accumulated other comprehensive gain (loss)	$	(304,088	)	$	(308,828	)