Earnings per Share ("EPS")

9 Months Ended

Sep. 29, 2012

Earnings Per Share [Abstract]

Earnings per Share ("EPS")

Earnings Per Share

Basic net income per share was computed using the weighted average number of shares of common stock outstanding during the period. Diluted net income per share includes the additional dilutive effect of our potentially dilutive securities, which include stock options, SOSARs, RSUs, PUs, and DSUs. The dilutive effects of our potentially dilutive securities are calculated using the treasury stock method. Diluted income per share could also be impacted by our convertible debt and related warrants outstanding if they were in the money. The following summarizes the effect of dilutive securities on diluted EPS:

	Thirteen Weeks Ended				Thirty-Nine Weeks Ended
	September 29, 2012		September 24, 2011		September 29, 2012		September 24, 2011
	(In millions)
Amounts attributable to MCBC
Net income (loss) from continuing operations	$	197.7	$	194.7	$	381.4	$	501.6
Income (loss) from discontinued operations, net of tax	0.7		2.7		1.6		1.5
Net income (loss) attributable to MCBC	$	198.4	$	197.4	$	383.0	$	503.1
Weighted average shares for basic EPS	181.0		185.0		180.7		186.3
Effect of dilutive securities:
Options and SOSARs	0.6		0.8		0.5		0.9
RSUs, PUs and DSUs	0.4		0.4		0.5		0.6
Weighted average shares for diluted EPS	182.0		186.2		181.7		187.8
Basic net income (loss) per share:
Continuing operations attributable to MCBC	$	1.09	$	1.05	$	2.11	$	2.69
Discontinued operations attributable to MCBC	—		0.01		0.01		0.01
Net income attributable to MCBC	$	1.09	$	1.06	$	2.12	$	2.70
Diluted net income (loss) per share:
Continuing operations attributable to MCBC	$	1.09	$	1.05	$	2.10	$	2.67
Discontinued operations attributable to MCBC	—		0.01		0.01		0.01
Net income attributable to MCBC	$	1.09	$	1.06	$	2.11	$	2.68
Dividends declared and paid per share	$	0.32	$	0.32	$	0.96	$	0.92

The following anti-dilutive securities were excluded from the computation of the effect of dilutive securities on diluted earnings per share:

	Thirteen Weeks Ended		Thirty-Nine Weeks Ended
	September 29, 2012	September 24, 2011	September 29, 2012	September 24, 2011
	(In millions)
Stock options, SOSARs and RSUs(1)	0.9	1.0	1.5	0.6
Shares of Class B common stock issuable upon assumed conversion of the 2.5% Convertible Senior Notes(2)	11.0	10.8	10.9	10.7
Warrants to issue shares of Class B common stock(2)	11.0	10.8	10.9	10.7
Shares of Class B common stock issuable upon assumed conversion of the €500 million Convertible Note(3)	1.4	—	0.6	—
	24.3	22.6	23.9	22.0

(1) Exercise prices exceed the average market price of the common shares or are anti-dilutive due to the impact of the unrecognized compensation cost on the calculation of assumed proceeds in the application of the treasury stock method.

(2) In June 2007, we issued $575 million of senior convertible notes due July 2013. The impact of a net share settlement of the conversion amount at maturity will begin to dilute earnings per share if and when our stock price reaches $52.38. The impact of stock that could be issued to settle share obligations we could have under the warrants we issued simultaneously with the senior convertible notes issuance will begin to dilute earnings per share when our stock price reaches $67.05. The potential receipt of MCBC stock from counterparties under our purchased call options when and if our stock price is between $52.38 and $67.05 would be anti-dilutive and excluded from any calculations of earnings per share.

(3) Upon closing of the Acquisition in June 2012, we issued a €500 million Zero Coupon Senior Unsecured Convertible Note due 2013 to the Seller. The impact of a net share settlement of the conversion amount at maturity will begin to dilute earnings per share if and when our stock price reaches $49.87 based on foreign exchange rates at September 29, 2012. See further discussion in Note 13, "Debt."