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Net (Loss) Income per Common Share
 12 Months Ended
Jan. 02, 2016
Earnings Per Share [Abstract]  
Net (Loss) Income per Common Share

Note 8—Net (Loss) Income per Common Share

Basic net (loss) income per common share is calculated by dividing net (loss) income attributed to Cott Corporation by the weighted average number of common shares outstanding during the periods presented. Diluted net (loss) income per common share is calculated by dividing diluted net (loss) income attributed 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, Time-based RSUs and Convertible Preferred Shares during the periods presented. The dilutive effect of the Convertible Preferred Shares is calculated using the if-converted method. In applying the if-converted method, the convertible shares are assumed to have been converted at the beginning of the period (or at the time of issuance, if later).

Set forth below is a reconciliation of the numerator and denominator for the diluted (loss) income per common share computations for the periods indicated:

Numerator

 

     For the Year Ended  
     January 2,      January 3,      December 28,  

(in millions of U.S. dollars)

    2016      2015      2013  

Net (loss) income attributed to Cott Corporation

    $ (3.4 )     $ 10.0       $ 17.0   

Plus:

         

Accumulated dividends on convertible preferred shares 1

      —           0.6         —     
  

 

 

     

 

 

     

 

 

  

Diluted net (loss) income attributed to Cott Corporation

    $ (3.4 )     $ 10.6       $ 17.0   
  

 

 

     

 

 

     

 

 

  

Denominator

 

     For the Year Ended  
     January 2,      January 3,      December 28,  

(in thousands)

    2016      2015      2013  

Weighted average number of shares outstanding - basic

      103,037         93,777         94,750   

Dilutive effect of stock options

      —           83         55   

Dilutive effect of Performance-based RSUs

      —           325         303   

Dilutive effect of Time-based RSUs

      —           619         525   

Dilutive effect of Convertible Preferred Shares 1

      —           1,096         —     
  

 

 

     

 

 

     

 

 

  

Adjusted weighted average number of shares outstanding - diluted

      103,037         95,900         95,633   
  

 

 

     

 

 

     

 

 

  

 

1.  For the year ended January 3, 2015, the accumulated dividends on Convertible Preferred Shares were added back to the numerator to calculate diluted net income per common share because the Convertible Preferred Shares were assumed to have been converted at the time of issuance even though they were not actually convertible until three years after issuance.

The following table summarizes anti-dilutive securities excluded from the computation of diluted (loss) income per common share for the periods indicated:

 

     For the Year Ended  
     January 2,      January 3,      December 28,  

(in thousands)

    2016      2015      2013  

Stock options

      1,757         833         442   

Performance-based RSUs 1

      1,631         —           —     

Time-based RSUs

      827         —           —     

 

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