Earnings Per Share (EPS)

6 Months Ended

Jul. 03, 2016

Note 2.

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
	July 3, 2016		June 28, 2015		July 3, 2016		June 28, 2015
	(in millions, except per share data)

Net income attributable to MTI	$	21.2	$	26.6	$	55.1	$	61.7

Weighted average shares outstanding		34.8		34.7		34.8		34.7
Dilutive effect of stock options and stock units		0.3		0.3		0.2		0.3
Weighted average shares outstanding, adjusted		35.1		35.0		35.0		35.0

Basic earnings per share attributable to MTI	$	0.61	$	0.77	$	1.58	$	1.78

Diluted earnings per share attributable to MTI	$	0.60	$	0.76	$	1.57	$	1.76

Options to purchase 372,047 shares and 238,505 shares of common stock for the three-month and six-month periods ended July 3, 2016 and June 28, 2015, 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.