Earnings per Share (Tables)

9 Months Ended

Sep. 24, 2011

Effect of dilutive securities on diluted earnings per share

The following summarizes the effect of dilutive securities on diluted EPS:



	Thirteen Weeks Ended					Thirty-Nine Weeks Ended
	September 24, 2011		September 25, 2010			September 24, 2011		September 25, 2010
	(In millions)
Amounts attributable to MCBC
Net income (loss) from continuing operations	$	194.7	$	257.0		$	501.6	$	556.8
Income (loss) from discontinued operations, net of tax	2.7		(0.9		)	1.5		41.1
Net income (loss) attributable to MCBC	$	197.4	$	256.1		$	503.1	$	597.9
Weighted average shares for basic EPS	185.0		186.0			186.3		185.7
Effect of dilutive securities:
Options and SOSARs	0.8		0.9			0.9		0.9
RSUs, PUs and DSUs	0.4		0.5			0.6		0.5
Weighted average shares for diluted EPS	186.2		187.4			187.8		187.1
Basic net income (loss) per share:
Continuing operations attributable to MCBC	$	1.05	$	1.39		$	2.69	$	3.00
Discontinued operations attributable to MCBC	0.01		(0.01		)	0.01		0.22
Net income attributable to MCBC	$	1.06	$	1.38		$	2.70	$	3.22
Diluted net income (loss) per share:
Continuing operations attributable to MCBC	$	1.05	$	1.38		$	2.67	$	2.98
Discontinued operations attributable to MCBC	0.01		(0.01		)	0.01		0.22
Net income attributable to MCBC	$	1.06	$	1.37		$	2.68	$	3.20
Dividends declared and paid per share	$	0.32	$	0.28		$	0.92	$	0.80

Anti-dilutive securities excluded from computation of diluted earnings per share

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 24, 2011	September 25, 2010	September 24, 2011	September 25, 2010
	(In millions)
Stock options, SOSARs and RSUs(1)	1.0	0.7	0.6	0.9
Shares of Class B common stock issuable upon assumed conversion of the 2.5% Convertible Senior Notes(2)	10.8	10.5	10.7	10.5
Warrants to issue shares of Class B common stock(2)	10.8	10.5	10.7	10.5
	22.6	21.7	22.0	21.9


(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)

We issued $575 million of senior convertible notes in June 2007. 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 $53.40. The impact of stock that could be issued to settle share obligations we could have under the warrants we issued simultaneously with the convertible notes issuance will begin to dilute earnings per share when our stock price reaches $68.10. The potential receipt of MCBC stock from counterparties under our purchased call options when and if our stock price is between $53.40 and $68.10 would be anti-dilutive and excluded from any calculations of earnings per share.