(12) EQUITY AND STOCK-BASED COMPENSATION

Earnings Per Share

The following table sets forth the number of weighted-average shares outstanding used in the computation of basic and diluted income per share:

	Three months ended		Six months ended
	June 29,	June 30,	June 29,	June 30,
	2013	2012	2013	2012
Weighted-average number of common shares used in basic income per share	45.678	49.954	46.044	50.283
Dilutive securities — employee stock options, restricted stock shares and restricted stock units	0.294	0.955	0.660	0.901
Weighted-average number of common shares and dilutive securities used in diluted income per share	45.972	50.909	46.704	51.184

All stock options were included in the computation of diluted earnings per share for the three and six months ended June 29, 2013. The total number of stock options that were not included in the computation of diluted earnings per share because their exercise price was greater than the average market price of common shares was 0.003 and 0.004 for the three and six months ended June 30, 2012, respectively. For the three and six months ended June 29, 2013, 1.181 and 0.708 unvested restricted stock shares and restricted stock units, respectively, were excluded from the computation of diluted income per share because required market thresholds for vesting were not met, compared to 0.752 and 0.500 that were excluded for the three and six months ended June 30, 2012, respectively.

Stock-based Compensation

Stock-based compensation awards may be granted to certain eligible employees or non-employee directors under the 2002 Stock Compensation Plan, as amended in 2006, 2011 and 2012, or to non-employee directors under the 2006 Non-Employee Directors’ Stock Incentive Plan. A detailed description of the awards granted under these plans is included in our 2012 Annual Report on Form 10-K and our Quarterly Report on Form 10-Q for the period ended March 30, 2013.

Compensation expense within income from continuing operations related to share-based awards totaled $5.3 and $6.5 for the three months ended June 29, 2013 and June 30, 2012, respectively, and $25.6 and $28.3 for the six months ended June 29, 2013 and June 30, 2012, respectively. The related tax benefit was $2.0 and $2.5 for the three months ended June 29, 2013 and June 30, 2012, respectively, and $9.3 and $10.7 for the six months ended June 29, 2013 and June 30, 2012, respectively.

Accumulated Other Comprehensive Loss

The changes in the components of accumulated other comprehensive loss, net of tax, for the six months ended

June 29, 2013 were as follows:

	Foreign Currency Translation Adjustment			Net Unrealized Losses on Qualifying Cash Flow Hedges (1)			Net Unrealized Losses on Available-for- Sale Securities			Pension and Postretirement Liability Adjustment and Other (2)			Total
Balance at beginning of period	$	298.1		$	(3.3	)	$	(3.1	)	$	(520.6	)	$	(228.9	)
Other comprehensive income (loss) before reclassifications	(72.3		)	(1.6		)	(0.7		)	2.2			(72.4		)
Amounts reclassified from accumulated other comprehensive loss	—			0.5			—			13.0			13.5
Current-period other comprehensive loss	(72.3		)	(1.1		)	(0.7		)	15.2			(58.9		)
Balance at end of period	$	225.8		$	(4.4	)	$	(3.8	)	$	(505.4	)	$	(287.8	)

(1) Net of tax benefit of $2.9 and $2.5 as of June 29, 2013 and December 31, 2012, respectively.

(2) Net of tax benefit of $310.9 and $318.5 as of June 29, 2013 and December 31, 2012, respectively. Includes $5.0 and $3.8 related to our share of the pension liability adjustment for EGS as of June 29, 2013 and December 31, 2012, respectively.

The following summarizes amounts reclassified from each component of accumulated comprehensive loss for the six

months ended June 29, 2013:

	Amount Reclassified from AOCI			Affected Line Item in the Condensed Consolidated Statement of Operations
Losses on qualifying cash flow hedges:
FX forward contracts	$	0.8		Cost of products sold
Commodity contracts	(0.1		)	Cost of products sold
Pre-tax	0.7
Income taxes	(0.2		)
	$	0.5

Amortization of pension and postretirement items:
Unrecognized losses and prior service credits	$	9.7		Cost of products sold
Unrecognized losses and prior service credits	11.0			Selling, general and administrative
Pre-tax	20.7
Income taxes	(7.7		)
	$	13.0

Common Stock in Treasury

On February 16, 2012, we entered into a written trading plan under Rule 10b5-1 of the Securities and Exchange Act of 1934, as amended, to facilitate the repurchase of up to $350.0 of shares of our common stock on or before February 14, 2013, in accordance with a share repurchase program authorized by our Board of Directors. During the first half of 2012, we repurchased 0.992 shares of our common stock under this plan for $75.0. During January of 2013, we repurchased 1.514 shares of our common stock, completing the repurchases under the trading plan, for $104.4. In addition, we repurchased 1.864 shares of our common stock on the open market for $144.6 during the first half of 2013.

During the six months ended June 29, 2013, “Common stock in treasury” was decreased by the settlement of restricted stock units issued from treasury stock of $13.8 and increased by $9.1 for common stock that was surrendered by recipients of restricted stock as a means of funding the related minimum income tax withholding requirements.

During the six months ended June 30, 2012, “Common stock in treasury” was decreased by the settlement of restricted stock units issued from treasury stock of $3.9 and increased by $1.8 for common stock that was surrendered by recipients of restricted stock as a means of funding the related minimum income tax withholding requirements.

Dividends

The dividends declared during each of the first two quarters of 2013 and 2012 were $0.25 per share and totaled $11.4 and $11.5 during the first and second quarters of 2013, respectively, and $12.8 and $12.7 during the first and second quarters of 2012, respectively. First quarter dividends were paid on April 2, 2013 and April 3, 2012. Second quarter dividends were paid on July 2, 2013 and July 3, 2012.

Changes in Equity

A summary of the changes in equity for the three months ended June 29, 2013 and June 30, 2012 is provided below:

	June 29, 2013									June 30, 2012
	SPX									SPX
	Corporation									Corporation
	Shareholders’			Noncontrolling			Total			Shareholders’			Noncontrolling			Total
	Equity			Interests			Equity			Equity			Interests			Equity
Equity, beginning of period	$	2,062.9		$	11.8		$	2,074.7		$	2,280.9		$	9.5		$	2,290.4
Net income	38.8			2.0			40.8			47.4			0.8			48.2
Net unrealized losses on qualifying cash flow hedges, net of tax benefit of $2.9 and $0.2 for the three months ended June 29, 2013 and June 30, 2012, respectively	(5.1		)	—			(5.1		)	—			—			—
Net unrealized losses on available-for-sale securities	(0.2		)	—			(0.2		)	(1.4		)	—			(1.4		)
Pension liability adjustment, net of tax provision of $4.1 and $3.3 for the three months ended June 29, 2013 and June 30, 2012, respectively	6.7			—			6.7			6.8			—			6.8
Foreign currency translation adjustments	14.9			(0.7		)	14.2			(136.0		)	(0.3		)	(136.3		)
Total comprehensive income (loss), net	55.1			1.3			56.4			(83.2		)	0.5			(82.7		)
Dividends declared	(11.5		)	—			(11.5		)	(12.7		)	—			(12.7		)
Exercise of stock options and other incentive plan activity, including related tax benefit of $0.5 for the three months ended June 30, 2012	4.3			—			4.3			5.4			—			5.4
Amortization of restricted stock and restricted stock unit grants, including $0.1 relating to discontinued operations for the three months ended June 30, 2012	5.3			—			5.3			6.6			—			6.6
Restricted stock and restricted stock unit vesting, net of tax withholdings	0.2			—			0.2			—			—			—
Common stock repurchases	(117.6		)	—			(117.6		)	(31.8		)	—			(31.8		)
Other changes in noncontrolling interests	—			(0.2		)	(0.2		)	—			0.1			0.1
Equity, end of period	$	1,998.7		$	12.9		$	2,011.6		$	2,165.2		$	10.1		$	2,175.3

A summary of the changes in equity for the six months ended June 29, 2013 and June 30, 2012 is provided below:

	June 29, 2013									June 30, 2012
	SPX									SPX
	Corporation									Corporation
	Shareholders’			Noncontrolling			Total			Shareholders’			Noncontrolling		Total
	Equity			Interests			Equity			Equity			Interests		Equity
Equity, beginning of period	$	2,268.7		$	11.3		$	2,280.0		$	2,227.3		$	10.0	$	2,237.3
Net income	41.1			3.3			44.4			60.9			0.1		61.0
Net unrealized gains (losses) on qualifying cash flow hedges, net of tax (provision) benefit of $0.4 and $(0.3) for the six months ended June 29, 2013 and June 30, 2012, respectively	(1.1		)	—			(1.1		)	0.6			—		0.6
Net unrealized gains (losses) on available-for-sale securities	(0.7		)	—			(0.7		)	1.4			—		1.4
Pension liability adjustment, net of tax provision of $7.6 and $5.1 for the six months ended June 29, 2013 and June 30, 2012, respectively	15.2			—			15.2			9.5			—		9.5
Foreign currency translation adjustments	(72.3		)	(1.3		)	(73.6		)	(77.2		)	—		(77.2		)
Total comprehensive income (loss), net	(17.8		)	2.0			(15.8		)	(4.8		)	0.1		(4.7		)
Dividends declared	(22.9		)	—			(22.9		)	(25.5		)	—		(25.5		)
Exercise of stock options and other incentive plan activity, including tax benefit of $5.8 and $3.5 for the six months ended June 29, 2013 and June 30, 2012, respectively	14.4			—			14.4			18.6			—		18.6
Amortization of restricted stock and stock unit grants, including $0.6 relating to discontinued operations for the six months ended June 30, 2012	25.6			—			25.6			28.9			—		28.9
Restricted stock and restricted stock unit vesting, net of tax withholdings	(20.3		)	—			(20.3		)	(4.3		)	—		(4.3		)
Common stock repurchases	(249.0		)	—			(249.0		)	(75.0		)	—		(75.0		)
Other changes in noncontrolling interests	—			(0.4		)	(0.4		)	—			—		—
Equity, end of period	$	1,998.7		$	12.9		$	2,011.6		$	2,165.2		$	10.1	$	2,175.3