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EARNINGS PER SHARE
 6 Months Ended
Jun. 28, 2014
Earnings Per Share [Abstract]  
EARNINGS PER SHARE
EARNINGS PER SHARE
The Company calculates basic and diluted earnings per common share using the two-class method. Under the two-class method, net earnings are allocated to each class of common stock and participating security as if all of the net earnings for the period had been distributed. The Company's participating securities consist of share-based payment awards that contain a nonforfeitable right to receive dividends and therefore are considered to participate in undistributed earnings with common shareholders.

Basic earnings per common share excludes dilution and is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares outstanding for the period. Diluted earnings per common share is calculated by dividing net earnings allocable to common shares by the weighted-average number of common shares as of the balance sheet date, as adjusted for the potential dilutive effect of non-participating share-based awards.

The following table sets forth the computation of basic and diluted earnings per share:
 
Second Quarter Ended
 
Six Months Ended
(In millions, except per share amounts)
June 28, 2014
 
June 29, 2013
 
June 28, 2014
 
June 29, 2013
Numerator:
 
 
 
 
 
 
 
Net income attributable to Franklin Electric Co., Inc.
$
27.1

 
$
28.1

 
$
44.0

 
$
43.6

Less: Undistributed earnings allocable to participating securities
0.3

 
0.3

 
0.5

 
0.5

Less: Undistributed earnings allocated to redeemable non-controlling interest
0.2

 
—

 
0.2

 
—

 
$
26.6

 
$
27.8

 
$
43.3

 
$
43.1

Denominator:
 

 
 

 
 
 
 
Basic
 

 
 

 
 
 
 
Weighted average common shares
47.6

 
47.5

 
47.7

 
47.4

Diluted
 

 
 

 
 
 
 
Effect of dilutive securities:
 

 
 

 
 
 
 
Non-participating employee and director incentive stock options and performance awards
0.6

 
0.6

 
0.6

 
0.6

Adjusted weighted average common shares
48.2

 
48.1

 
48.3

 
48.0

Basic earnings per share
$
0.56

 
$
0.59

 
$
0.91

 
$
0.91

Diluted earnings per share
$
0.55

 
$
0.58

 
$
0.90

 
$
0.90

Anti-dilutive stock options
0.1

 
0.1

 
0.1

 
0.1