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Earnings per Share
 6 Months Ended
Jul. 04, 2021
Earnings per Share [Abstract]  
Earnings per Share

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
    
Six Months Ended
  
(in millions, except per share data)
  
Jul. 4,
2021
    
Jun. 28,
2020
    
Jul. 4,
2021
    
Jun. 28,
2020
  
                         
Net income attributable to Minerals Technologies Inc.
  
$
41.9
    
$
14.4
    
$
81.8
    
$
53.0
  
                                 
Weighted average shares outstanding
    
33.7
      
34.1
      
33.8
      
34.2
  
Dilutive effect of stock options and stock units
    
0.4
      
—
      
0.2
      
0.1
  
Weighted average shares outstanding, adjusted
    
34.1
      
34.1
      
34.0
      
34.3
  
                                 
Basic earnings per share attributable to Minerals Technologies Inc.
  
$
1.24
    
$
0.42
    
$
2.42
    
$
1.55
  
                                 
Diluted earnings per share attributable to Minerals Technologies Inc.
  
$
1.23
    
$
0.42
    
$
2.41
    
$
1.55
  


Of the options outstanding of 1,415,684 and 1,448,699 for the three-month and six-month periods ended July 4, 2021 and June 28, 2020, respectively, options to purchase 253,895 shares and 1,448,699 shares of common stock for the three-month and six-month periods ending July 4, 2021 and June 28, 2020, 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.