Earnings Per Share (EPS)

9 Months Ended

Sep. 27, 2015

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				Nine Months Ended
	Sept. 27, 2015		Sept. 28, 2014		Sept. 27, 2015		Sept. 28, 2014
	(in millions, except per share data)
Basic EPS
Amounts attributable to MTI
Income from continuing operations	$	29.2	$	36.8	$	91.0	$	69.1
Income from discontinued operations		-		0.2		-		2.0
Net income	$	29.2	$	37.0	$	91.0	$	71.1

Weighted average shares outstanding		34.7		34.5		34.7		34.5

Earnings per share attributable to MTI
Continuing operations	$	0.84	$	1.07	$	2.62	$	2.00
Discontinued operations		-		-		-		0.06
Net income	$	0.84	$	1.07	$	2.62	$	2.06

Diluted EPS
Amounts attributable to MTI
Income from continuing operations	$	29.2	$	36.8	$	91.0	$	69.1
Income from discontinued operations		-		0.2		-		2.0
Net income	$	29.2	$	37.0	$	91.0	$	71.1

Weighted average shares outstanding		34.7		34.5		34.7		34.5
Dilutive effect of stock options and stock units		0.3		0.3		0.3		0.3
Weighted average shares outstanding, adjusted		35.0		34.8		35.0		34.8

Earnings per share attributable to MTI
Continuing operations	$	0.83	$	1.06	$	2.60	$	1.99
Discontinued operations		-		-		-		0.06
Net income	$	0.83	$	1.06	$	2.60	$	2.05

Options to purchase 395,545 shares and 173,068 shares of common stock for the three-month and nine-month periods ended September 27, 2015 and September 28, 2014, 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.