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Common Shares and Net Income (Loss) per Common Share
 9 Months Ended
Sep. 26, 2020
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 December 11, 2019, our Board of Directors approved a share repurchase program for up to $50.0 million of our outstanding common shares over a 12-month period commencing on December 16, 2019 (the “Repurchase Plan”). We did not repurchase any outstanding common shares under the Repurchase Plan during the third quarter of 2020. For the nine months ended September 26, 2020, we repurchased 2,316,835 common shares for $25.0 million through open market transactions under the Repurchase Plan. Shares purchased under the Repurchase Plan were subsequently canceled. There can be no assurance as to the precise number of shares, if any, that will be repurchased under the Repurchase Plan in the future, or the aggregate dollar amount of shares to be purchased in future periods. We may discontinue purchases at any time, subject to compliance with applicable regulatory requirements.
On March 2, 2020, the Company completed the Legacy Primo Acquisition, with 26,497,015 common shares issued at $14.25 per share to holders of Legacy Primo (see Note 5 to the Consolidated Financial Statements).
Net Income (Loss) per Common Share
Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to Primo Water 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 Primo Water 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 EndedFor the Nine Months Ended
 September 26, 2020September 28, 2019September 26, 2020September 28, 2019
Numerator (in millions of U.S. dollars):
Net income (loss) from continuing operations$22.3 $7.3 $(136.8)$(12.7)
Net (loss) income from discontinued operations(0.3)2.8 26.3 7.5 
Net income (loss)22.0 10.1 (110.5)(5.2)
Basic Earnings Per Share
Denominator (in thousands):
Weighted average common shares outstanding - basic160,101 134,667 153,723 135,395 
Basic Earnings Per Share:
Continuing operations0.14 0.05 (0.89)(0.09)
Discontinued operations— 0.02 0.17 0.05 
Net income (loss)0.14 0.07 (0.72)(0.04)
Diluted Earnings Per Share
Denominator (in thousands):
Weighted average common shares outstanding - basic160,101 134,667 153,723 135,395 
Dilutive effect of Stock Options916 686 — — 
Dilutive effect of Performance-based RSUs132 644 — — 
Dilutive effect of Time-based RSUs284 211 — — 
Weighted average common shares outstanding - diluted161,433 136,208 153,723 135,395 
Diluted Earnings Per Share:
Continuing operations0.14 0.05 (0.89)(0.09)
Discontinued operations— 0.02 0.17 0.05 
Net income (loss)0.14 0.07 (0.72)(0.04)

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 EndedFor the Nine Months Ended
(in thousands)September 26, 2020September 28, 2019September 26, 2020September 28, 2019
Stock Options3,256 2,202 6,419 5,473 
Performance-based RSUs 1
786 527 925 1,215 
Time-based RSUs5 3 490 358 
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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.