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, restricted stock units and share units related to the Company’s performance share plan to the extent that performance share plan objectives are met. Common shares issuable from stock options excluded from the calculation of diluted earnings per share because they were anti-dilutive were 858,000 and 745,067 in the three and nine month periods ending July 1, 2016, respectively. Common shares issuable from stock options excluded from the calculation of diluted earnings per share because they were anti-dilutive were 261,150 and 218,633 in the three and nine month periods ending June 26, 2015, respectively. Shares used for calculating earnings per share are disclosed in the following table:

In Thousands	Three Months Ended				Nine Months Ended
	July 1,		June 26,		July 1,		June 26,
	2016		2015		2016		2015
			(Recast)				(Recast)

Shares used for basic earnings per share		29,381		30,831		29,517		31,183
Shares used for diluted earnings per share		29,601		31,322		29,788		31,702

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 July 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 three months ended July 1, 2016, the Company repurchased 102,267 shares under this program at an average price per share of $65.10, for an aggregate purchase price of $6.7 million. During the three months ended June 26, 2015, the Company repurchased 581,977 shares under this program at an average price per share of $99.22, for an aggregate purchase price of $57.7 million. During the nine months ended July 1, 2016, the Company repurchased 304,577 shares under this program at an average price paid per share of $61.51, for an aggregate purchase price of $18.7 million. During the nine months ended June 26, 2015, the Company repurchased 1,749,709 shares under this program at an average price paid per share of $105.83, for an aggregate purchase price of $185.2 million. Since the program began, the Company has repurchased 3,135,927 shares for an aggregate purchase price of $308.5 million, leaving $91.5 million for shares to be repurchased in the future.

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

	Nine Months Ended			Year Ended
	July 1,			October 2,
	2016			2015
Shares Issued:
Balance, beginning of year		32,378,185			32,123,717
Shares issued under share-based compensation plans		154,075			254,468
Balance, end of current period		32,532,260			32,378,185

Treasury Stock:
Balance, beginning of year		(2,831,350	)		(269,228	)
Shares purchased		(304,577	)		(2,562,122	)
Balance, end of current period		(3,135,927	)		(2,831,350	)

Shares outstanding, end of period		29,396,333			29,546,835

The components of Accumulated Other Comprehensive Gain (Loss):

In Thousands	July 1,			October 2,
	2016			2015

Unrealized gain (loss) on derivative contracts	$	(5,952	)	$	(22,941	)
Tax effect		1,474			6,036
		(4,478	)		(16,905	)

Pension and post-retirement obligations		(96,373	)		(99,724	)
Tax effect		32,982			33,775
		(63,391	)		(65,949	)

Currency translation adjustment		(260,232	)		(225,974	)
Accumulated other comprehensive gain (loss)	$	(328,101	)	$	(308,828	)