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Earnings Per Share (EPS)
 3 Months Ended
Mar. 30, 2014
Earnings Per Share (EPS) [Abstract]  
Earnings Per Share (EPS)
Note 3.  Earnings Per Share (EPS)

Basic earnings per share are based upon the weighted average number of common shares outstanding during the period.  Diluted earnings per share are based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding.

The following table sets forth the computation of basic and diluted earnings per share:
 
Three Months Ended
Basic EPS
(in millions, except per share data)
 
March 30, 2014
 
 
March 31,
2013
 
 
 
 
 
 
 
Income from continuing operations
 
 
 
 
 
 
attributable to MTI
 
$
15.6
 
 
$
19.5
 
Loss from discontinued operations
 
 
 
 
 
 
 
 
attributable to MTI
 
 
--
 
 
 
(0.7
) 
Net income attributable to MTI
 
$
15.6
 
 
$
18.8
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
 
34.4
 
 
 
35.0
 
 
 
 
 
 
 
 
 
 
March 30, 2014
 
 
March 31,
2013
 
Basic earnings per share from continuing operations
 
 
 
 
 
 
 
 
attributable to MTI
 
$
0.45
 
 
$
0.56
 
Basic loss per share from discontinued operations
 
 
 
 
 
 
 
 
attributable to MTI
 
 
--
 
 
 
(0.02
) 
Basic earnings per share attributable to MTI
 
$
0.45
 
 
$
0.54
 
 
 
 
Three Months Ended
Diluted EPS
(in millions, except per share data)
 
March 30, 2014
 
 
March 31,
2013
 
 
 
 
 
 
 
 
 
Income from continuing operations
 
 
 
 
 
 
 
 
attributable to MTI
 
$
15.6
 
 
$
19.5
 
Loss from discontinued operations
 
 
 
 
 
 
 
 
attributable to MTI
 
 
--
 
 
 
(0.7
) 
Net income attributable to MTI
 
$
15.6
 
 
$
18.8
 
 
 
 
 
 
 
 
 
Weighted average shares outstanding
 
 
34.4
 
 
 
35.0
 
 
 
 
 
 
 
 
 
Dilutive effect of stock options and stock units
 
 
0.3
 
 
 
0.3
 
Weighted average shares outstanding, adjusted
 
 
34.7
 
 
 
35.3
 
 
 
 
 
 
 
 
 
Diluted earnings per share from continuing operations
 
 
 
 
 
 
 
 
attributable to MTI
 
$
0.45
 
 
$
0.55
 
Diluted loss per share from discontinued operations
 
 
 
 
 
 
 
 
attributable to MTI
 
 
--
 
 
 
(0.02
) 
Diluted earnings per share attributable to
MTI
 
$
0.45
 
 
$
0.53
 


Options to purchase 160,180 and 239,770 shares of common stock for the three-month periods ended March 30, 2014 and March 31, 2013, respectively, were not included in the computation of diluted earnings per share because they were anti-dilutive, as the exercise prices of the options were greater than the average market price of the common shares.