XML 47 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Earnings Per Share
 6 Months Ended
Jun. 14, 2014
Earnings Per Share [Abstract]  
Earnings Per Share
EARNINGS PER SHARE
The Company calculates earnings per share in accordance with FASB Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”). ASC 260 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting, and, therefore, need to be included in the earnings allocation in computing earnings per share under the two-class method. Under the guidance in ASC 260, the Company’s unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and must be included in the computation of earnings per share pursuant to the two-class method.
On July 11, 2013, the Company’s Board of Directors approved a two-for-one stock split in the form of a stock dividend that was paid on November 1, 2013 to stockholders of record on October 1, 2013. On April 24, 2014, the Company amended its Restated Certificate of Incorporation to increase the number of shares of the Company’s authorized common stock from 160,000,000 shares to 320,000,000 shares. All share and per share data in this Quarterly Report on Form 10-Q has been presented to reflect the split and increase in authorized shares.
The following table sets forth the computation of basic and diluted earnings per share:
 
12 Weeks Ended
 
24 Weeks Ended
(In millions, except share and per share data)
June 14,
2014
 
June 15,
2013
 
June 14,
2014
 
June 15,
2013
Numerator:
 
 
 
 
 
 
 
Net earnings attributable to Wolverine World Wide, Inc.
$
27.5

 
$
17.9

 
$
64.6

 
$
47.7

Adjustment for earnings allocated to non-vested restricted common stock
(0.5
)
 
(0.3
)
 
(1.2
)
 
(0.9
)
Net earnings used in calculating basic earnings per share
27.0

 
17.6

 
63.4

 
46.8

Adjustment for earnings reallocated from non-vested restricted common stock
0.1

 
—

 
0.1

 
—

Net earnings used in calculating diluted earnings per share
$
27.1

 
$
17.6

 
$
63.5

 
$
46.8

Denominator:
 
 
 
 
 
 
 
Weighted average shares outstanding
101,435,465

 
100,327,444

 
101,198,265

 
99,894,398

Adjustment for non-vested restricted common stock
(3,284,621
)
 
(3,527,798
)
 
(3,213,033)

 
(3,224,326)

Shares used in calculating basic earnings per share
98,150,844

 
96,799,646

 
97,985,232

 
96,670,072

Effect of dilutive stock options
1,855,864

 
1,836,348

 
1,957,294

 
1,737,882

Shares used in calculating diluted earnings per share
100,006,708

 
98,635,994

 
99,942,526

 
98,407,954

Net earnings per share:
 
 
 
 
 
 
 
Basic
$
0.28

 
$
0.18

 
$
0.65

 
$
0.48

Diluted
$
0.27

 
$
0.18

 
$
0.64

 
$
0.48


For the 12 and 24 weeks ended June 14, 2014, options relating to 1,268,136 and 914,886 shares of common stock outstanding, respectively, have not been included in the denominator for the computation of diluted earnings per share because they were anti-dilutive.
For the 12 and 24 weeks ended June 15, 2013, options relating to 1,461,470 and 1,374,262 shares of common stock outstanding, respectively, have not been included in the denominator for the computation of diluted earnings per share because they were anti-dilutive.