Income Per Share

6 Months Ended

Jul. 01, 2011

Income Per Share [Abstract]

INCOME (LOSS) PER SHARE

NOTE 3. INCOME PER SHARE

     The following table sets forth the computation of basic and diluted income per share:

	Three Months Ended				Six Months Ended
	July 1,		July 2,		July 1,		July 2,
(In millions, except per share data)	2011		2010		2011		2010
Basic Income per Share:
Net income	$	52.1	$	34.6	$	96.4	$	40.5
Weighted-average common shares outstanding		34.8		33.9		34.7		34.1
Net income per basic share	$	1.50	$	1.02	$	2.78	$	1.19
Diluted Income per Share:
Net income	$	52.1	$	34.6	$	96.4	$	40.5
Weighted-average common shares outstanding		34.8		33.9		34.7		34.1
Effect of dilutive securities:
Stock options and units		0.4		0.5		0.5		0.5
Convertible notes due 2033		0.5		1.0		0.4		1.0
Convertible notes due 2013		0.6		—		0.6		—
Diluted weighted-average common shares outstanding		36.3		35.4		36.2		35.6
Net income per diluted share	$	1.43	$	0.98	$	2.66	$	1.14

     The Company’s $300 million convertible notes due 2013 (“Notes due 2013”) are not currently convertible. In periods when the Notes due 2013 are convertible, any conversion will be settled in cash up to the principal amount, and any excess conversion value will be delivered, at the Company’s election, in cash, common stock or a combination of cash and common stock. As a result of the Company’s average stock price exceeding the conversion price of $59.78 per share during both the three and six months ended July 1, 2011, 0.6 million additional shares related to the Notes due 2013 were included in the diluted weighted-average common shares outstanding. The Company’s average stock price for the three and six months ended July 2, 2010 did not exceed the conversion price and, therefore, the Notes due 2013 were antidilutive for this period.

     The Company’s 3.25% zero coupon convertible notes due 2033 (“Notes due 2033”) are currently convertible. In periods when the Notes due 2033 are convertible, any conversion will be settled in cash up to the accreted principal amount, and any amount in excess of the accreted principal value will be settled in common stock. As a result of the conversion value exceeding the average accreted principal value during the three and six months ended July 1, 2011, the Company included 0.5 million and 0.4 million additional shares, respectively, related to the Notes due 2033 in the diluted weighted-average common shares outstanding. During the three and six months ended July 2, 2010, the Company included 1.0 million additional shares for both periods related to the Notes due 2033 in the diluted weighted-average common shares outstanding.

     In the three and six months ended July 1, 2011, 0.4 million and 0.5 million additional shares, respectively, were included in the computation of diluted earnings per share relating to exercisable stock options and units because the effect of these common stock equivalents were dilutive during the periods presented. In both the three and six months ended July 2, 2010, 0.5 million additional shares were included in the computation of diluted earnings per share because the effect of these common stock equivalents were dilutive during the periods presented.

     In the three and six months ended July 1, 2011, the Company issued 0.2 million and 0.6 million shares, respectively, related to stock option exercises and vesting of stock units. In the three and six months ended July 2, 2010, the Company issued 0.1 million and 0.3 million shares, respectively, due to stock option exercises and vesting of stock units. During the six months ended July 2, 2010, the Company repurchased 1 million of its outstanding shares. No repurchases were made in the six months ended July 1, 2011.