Earnings (Loss) Per Share

6 Months Ended

Jul. 03, 2022

The reconciliation of basic and diluted earnings (loss) per share on common stock for the second quarter and June year-to-date 2022 and 2021 follows (in millions of dollars except per share data):


	Second Quarter				June Year to Date
	2022		2021		2022		2021
Net earnings (loss)	$	2.2	$	24.0	$	(45.4)	$	49.6
Less: earnings allocated to participating securities	—		(0.2)		—		(0.4)
Net earnings (loss) available to common shareholders	$	2.2	$	23.8	$	(45.4)	$	49.2

Average shares outstanding (millions):
Basic	37.9		39.4		38.3		39.4
Dilutive share awards	0.3		0.1		—		0.1
Diluted	38.2		39.5		38.3		39.5

Basic earnings (loss) per share	$	0.06	$	0.60	$	(1.19)	$	1.25
Diluted earnings (loss) per share	$	0.06	$	0.60	$	(1.19)	$	1.25

Potentially dilutive shares outstanding are primarily related to deferred common stock related to the non-employee directors deferred compensation plan for the second quarter of 2022 and 2021 and June year-to-date 2021. Due to our net loss in June year-to-date 2022, potentially dilutive shares primarily related to deferred common stock related to the non-employee directors deferred compensation plan of 0.2 million shares had an anti-dilutive effect on diluted earnings per share and were excluded from the computation for June year-to-date 2022. Dividends paid per share for Class A and Class B common stock were $0.075 for the second quarter 2022, $0.125 for June year-to-date 2022 and $0.00 for the second quarter 2021 and June year-to-date 2021.