Note 3 – 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 shares because they were anti-dilutive were 950,790 and 945,572 for the three and nine months ended June 29, 2018. Common shares issuable from stock options excluded from the calculation of diluted earnings per share because they were anti-dilutive were 605,725 and 690,475 for the three and nine months ended June 30, 2017, respectively. Shares used for calculating earnings per share are disclosed in the following table:

In Thousands	Three Months Ended				Nine Months Ended
	June 29,		June 30,		June 29,		June 30,
	2018		2017		2018		2017

Shares used for basic earnings per share		29,430		29,830		29,649		29,698
Shares used for diluted earnings per share		29,548		30,068		29,775		29,953

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 June 29, 2018, and September 29, 2017, there were no shares of preferred stock or serial preferred stock outstanding.

In June 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 June 29, 2018, there were no shares repurchased. During the nine months ended June 29, 2018, the Company repurchased 601,400 shares under this program at an average price paid per share of $72.25, for an aggregate purchase price of $43.4 million. There were no shares repurchased during the three or nine months ended June 30, 2017. There have been no shares repurchased subsequent to June 29, 2018. Since the program began, the Company has repurchased 3,737,327 shares for an aggregate purchase price of $352.0 million, with $48.0 million in shares remaining available for repurchase in the future.

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

	Nine Months Ended			Year Ended
	June 29,			September 29,
	2018			2017
Shares Issued:
Balance, beginning of year		33,117,473			32,564,252
Shares issued under share-based compensation plans		60,479			553,221
Balance, end of current period		33,177,952			33,117,473

Treasury Stock:
Balance, beginning of year		(3,135,927	)		(3,135,927	)
Shares purchased		(601,400	)		-
Balance, end of current period		(3,737,327	)		(3,135,927	)

Shares outstanding, end of period		29,440,625			29,981,546

The components of Accumulated Other Comprehensive Income (Loss):

In Thousands	June 29,			September 29,
	2018			2017

Unrealized gain (loss) on derivative contracts	$	(7,492	)	$	13,469
Tax effect		2,146			(3,892	)
		(5,346	)		9,577

Pension and post-retirement obligations		(78,610	)		(81,782	)
Tax effect		27,123			27,956
		(51,487	)		(53,826	)

Foreign currency translation adjustment		(255,331	)		(222,621	)
Accumulated other comprehensive income (loss)	$	(312,164	)	$	(266,870	)