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Earnings per Common Share (Tables)
 9 Months Ended
Sep. 27, 2019
Earnings Per Share [Abstract]  
Computation of Basic and Diluted Earnings per Common Share

The following table sets forth the computation of basic and diluted earnings per common share (amounts in thousands, except per share data):

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

September 27,

 

 

September 28,

 

 

September 27,

 

 

September 28,

 

 

2019(1)

 

 

2018(2)

 

 

2019(1)

 

 

2018(2)

 

Numerators:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Consolidated net income

$

8,923

 

 

$

14,989

 

 

$

31,556

 

 

$

39,451

 

Less: Net income attributable to noncontrolling interest

 

—

 

 

 

(435

)

 

 

—

 

 

 

(1,986

)

Net income attributable to Novanta Inc.

 

8,923

 

 

 

14,554

 

 

 

31,556

 

 

 

37,465

 

Redeemable noncontrolling interest redemption value adjustment

 

—

 

 

 

6,877

 

 

 

—

 

 

 

1,781

 

Net income attributable to Novanta Inc. after adjustment for redeemable noncontrolling interest redemption value

$

8,923

 

 

$

21,431

 

 

$

31,556

 

 

$

39,246

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Denominators:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding— basic

 

35,074

 

 

 

34,899

 

 

 

35,012

 

 

 

34,918

 

Dilutive potential common shares

 

511

 

 

 

586

 

 

 

511

 

 

 

551

 

Weighted average common shares outstanding— diluted

 

35,585

 

 

 

35,485

 

 

 

35,523

 

 

 

35,469

 

Antidilutive potential common shares excluded from above

 

35

 

 

 

—

 

 

 

43

 

 

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per Common Share Attributable to Novanta Inc.:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.25

 

 

$

0.61

 

 

$

0.90

 

 

$

1.12

 

Diluted

$

0.25

 

 

$

0.60

 

 

$

0.89

 

 

$

1.11

 

 

 

(1)

47,147 performance-based restricted stock units granted to certain members of the executive management team and 213,219 shares of restricted stock issued to Laser Quantum former non-controlling interest holders are considered contingently issuable shares and were excluded from the calculation of the denominator as the contingent conditions had not been met as of September 27, 2019.

 

 

(2)

53,968 performance-based restricted stock units granted to certain members of the executive management team and 213,219 shares of restricted stock issued to Laser Quantum former non-controlling interest holders were considered contingently issuable shares and were excluded from the calculation of the denominator as the contingent conditions had not been met as of September 28, 2018.