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Common Shares and Net Income (Loss) per Common Share
 6 Months Ended
Jun. 30, 2018
Earnings Per Share [Abstract]  
Common Shares and Net Income (Loss) per Common Share
Common Shares and Net Income (Loss) per Common Share
Common Shares
On May 1, 2018, our Board of Directors approved a share repurchase program for up to $50.0 million of Cott’s outstanding common shares over a 12-month period commencing on May 7, 2018. During the three months ended June 30, 2018, we repurchased 995,381 common shares for approximately $16.0 million through open market transactions. We are unable to predict the number of shares that ultimately will be repurchased under the share repurchase program, or the aggregate dollar amount of the shares to be purchased in future periods. We may discontinue purchases at any time, subject to compliance with applicable regulatory requirements. Shares purchased under the share repurchase program were canceled.
Net Income (Loss) per Common Share
Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to Cott Corporation by the weighted average number of common shares outstanding during the periods presented. Diluted net income (loss) per common share is calculated by dividing net income (loss) attributable to Cott Corporation by the weighted average number of common shares outstanding adjusted to include the effect, if dilutive, of the exercise of in-the-money Stock Options, Performance-based RSUs, and Time-based RSUs during the periods presented. Set forth below is a reconciliation of the numerator and denominator for the diluted net income (loss) per common share computations for the periods indicated:
 
For the Three Months Ended
 
For the Six Months Ended
 
June 30, 2018
 
July 1, 2017
 
June 30, 2018
 
July 1, 2017
Numerator (in millions of U.S. dollars):
 
 
 
 
 
 
 
Net income (loss) attributable to Cott Corporation
 
 
 
 
 
 
 
Continuing operations
$
12.2

 
$
(4.5
)
 
$
16.8

 
$
(14.7
)
Discontinued operations
(1.4
)
 
(20.1
)
 
355.4

 
(46.3
)
Net income (loss)
10.8

 
(24.6
)
 
372.2

 
(61.0
)
Basic Earnings Per Share
 
 
 
 
 
 
 
Denominator (in thousands):
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
139,768

 
139,000

 
139,860

 
138,867

Basic Earnings Per Share:
 
 
 
 
 
 
 
Continuing operations
0.09

 
(0.03
)
 
0.12

 
(0.11
)
Discontinued operations
(0.01
)
 
(0.15
)
 
2.54

 
(0.33
)
Net income (loss)
0.08

 
(0.18
)
 
2.66

 
(0.44
)
Diluted Earnings Per Share
 
 
 
 
 
 
 
Denominator (in thousands):
 
 
 
 
 
 
 
Weighted average common shares outstanding - basic
139,768

 
139,000

 
139,860

 
138,867

Dilutive effect of Stock Options
1,058

 
—

 
1,277

 
—

Dilutive effect of Performance-based RSUs
626

 
—

 
760

 
—

Dilutive effect of Time-based RSUs
209

 
—

 
223

 
—

Weighted average common shares outstanding - diluted
141,661

 
139,000

 
142,120

 
138,867

Diluted Earnings Per Share:
 
 
 
 
 
 
 
Continuing operations
0.09

 
(0.03
)
 
0.12

 
(0.11
)
Discontinued operations
(0.01
)
 
(0.15
)
 
2.50

 
(0.33
)
Net income (loss)
0.08

 
(0.18
)
 
2.62

 
(0.44
)

The following table summarizes anti-dilutive securities excluded from the computation of diluted net income (loss) per common share for the periods indicated:
 
For the Three Months Ended
 
For the Six Months Ended
(in thousands)
June 30, 2018
 
July 1, 2017
 
June 30, 2018
 
July 1, 2017
Stock Options
653

 
4,459

 
1,143

 
4,459

Performance-based RSUs 1
766

 
1,862

 
766

 
1,862

Time-based RSUs
—

 
704

 
—

 
704

______________________
1
Performance-based RSUs represent the number of shares expected to be issued based primarily on the estimated achievement of cumulative pre-tax income targets for these awards.