Net Income Per Share

6 Months Ended

Jun. 28, 2020

Earnings Per Share, Basic and Diluted [Abstract]

Net Income Per Share

Net Income Per Share

Basic net income per share was calculated by dividing net income by the weighted average number of outstanding common shares for the period. Diluted net income per share was calculated consistent with basic net income per share including the effect of dilutive unissued common shares related to the Company's stock-based employee compensation program. The effect of stock options and RSUs on net income per share-diluted is determined through the application of the treasury stock method, whereby net proceeds received by the Company based on assumed exercises are hypothetically used to repurchase the Company's common stock at the average market price during the period.

The following table sets forth the computation of net income per share (in millions except per share amounts):

	Three Months Ended				Six Months Ended
	June 28, 2020		June 30, 2019		June 28, 2020		June 30, 2019
Net income	$	33.2	$	51.3	$	77.9	$	105.8
Weighted average common shares outstanding	133.8		133.4		133.9		133.4
Effect of dilutive stock awards	0.8		0.7		1.0		0.7
Weighted average common shares outstanding and potential common shares	134.6		134.1		134.9		134.1
Net income per share
Basic	$	0.25	$	0.38	$	0.58	$	0.79
Diluted	$	0.25	$	0.38	$	0.58	$	0.79

The weighted number of shares outstanding used in the calculation of diluted earnings per share does not include the effect of the following anti-dilutive securities and awards subject to performance conditions which have not been fully satisfied at the end of respective reporting periods:

	Three Months Ended		Six Months Ended
	June 28, 2020	June 30, 2019	June 28, 2020	June 30, 2019
Anti-dilutive awards	0.4	—	0.3	—
Awards subject to performance conditions not fully satisfied	—	0.8	—	0.8
Total	0.4	0.8	0.3	0.8