The following table sets forth the number of weighted-average shares outstanding used in the computation of basic and diluted income per share:


	Three months ended
	April 2, 2022	April 3, 2021
Weighted-average number of common shares used in basic income per share	45.554	45.132
Dilutive securities — Employee stock options and restricted stock units	0.891	1.187
Weighted-average number of common shares and dilutive securities used in diluted income per share	46.445	46.319

The weighted-average number of restricted stock units and stock options excluded from the computation of diluted income per share because the assumed proceeds for these instruments exceed the average market value of the underlying common stock for the related period were 0.243 and 0.737, respectively, for the three months ended April 2, 2022, and 0.234 and 0.627, respectively, for the three months ended April 3, 2021.

Long-term incentive compensation awards may be granted to certain eligible employees or non-employee directors. A detailed description of the awards granted prior to 2022 is included in our 2021 Annual Report on Form 10-K.

Awards granted on March 1, 2022 to executive officers and other members of senior management were comprised of performance stock units (“PSU’s”), stock options, and time-based restricted stock units (“RSU’s”), while other eligible employees were granted PSU’s and RSU’s. The PSU’s are eligible to vest at the end of a three-year performance period, with performance based on the total return of our stock over the three-year performance period against a peer group within the S&P 600 Capital Goods Index. Stock options and RSU’s vest ratably over the three-year period subsequent to the date of grant.

Non-employee directors receive annual long-term incentive awards at the time of our annual meeting of stockholders, with the 2022 meeting scheduled for May 10, 2022.

Compensation expense within income from continuing operations related to long-term incentive awards totaled $3.1 and $2.7 for the three months ended April 2, 2022 and April 3, 2021, respectively. The related tax benefit was $0.5 for the three months ended April 2, 2022 and April 3, 2021.

We use the Monte Carlo simulation model valuation technique to determine the fair value of our restricted stock units that contain a market condition (i.e., the PSU’s). The Monte Carlo simulation model utilizes multiple input variables that determine the probability of satisfying the market condition stipulated in the award and calculates the fair value of each PSU.


	Unvested PSU's and RSU's	Weighted-Average Grant-Date Fair Value Per Share
Outstanding at December 31, 2021	0.636	$	49.14
Granted	0.265	48.39
Vested	(0.320)	43.97
Forfeited	(0.007)	50.57
Outstanding at April 2, 2022	0.574	$	51.67

As of April 2, 2022, there was $18.0 of unrecognized compensation cost related to PSU’s and RSU’s. We expect this cost to be recognized over a weighted-average period of 2.4 years.

On March 1, 2022, we granted 0.105 stock options, all of which were outstanding (but not exercisable) as of April 2, 2022. The exercise price per share of these options is $48.97 and the maximum contractual term of these options is 10 years.

The fair value per share of the stock options granted on March 1, 2022 was $19.33. The fair value of each option grant was estimated using the Black-Scholes option-pricing model with the following assumptions:


Annual expected stock price volatility	38.62	%
Annual expected dividend yield	—	%
Risk-free interest rate	1.61	%
Expected life of stock option (in years)	6.0

Annual expected stock price volatility is based on a weighted average of SPX’s stock volatility of the most recent six-year historical volatility of a peer company group. There is no annual expected dividend yield as we discontinued dividend payments in 2015 and do not expect to pay dividends for the foreseeable future. The average risk-free interest rate is based on the five-year and seven-year treasury constant maturity rates. The expected option life is based on a three-year pro-rata vesting schedule and represents the period of time that awards are expected to be outstanding.

As of April 2, 2022, there was $3.1 of unrecognized compensation cost related to stock options. We expect this cost to be recognized over a weighted-average period of 2.5 years.

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended April 2, 2022 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Gains on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at beginning of period	$	252.7	$	0.5	$	10.7	$	263.9
Other comprehensive income (loss) before reclassifications	(2.6)		6.1		—		3.5
Amounts reclassified from accumulated other comprehensive income (loss)	—		0.4		(0.9)		(0.5)
Current-period other comprehensive income (loss)	(2.6)		6.5		(0.9)		3.0
Balance at end of period	$	250.1	$	7.0	$	9.8	$	266.9

(2)Net of tax provision of $3.5 and $3.7 as of April 2, 2022 and December 31, 2021, respectively. The balances as of April 2, 2022 and December 31, 2021 include unamortized prior service credits.

The changes in the components of accumulated other comprehensive income, net of tax, for the three months ended April 3, 2021 were as follows:


	Foreign Currency Translation Adjustment		Net Unrealized Losses on Qualifying Cash Flow Hedges(1)		Pension and Postretirement Liability Adjustment(2)		Total
Balance at beginning of period	$	238.6	$	(4.4)	$	14.3	$	248.5
Other comprehensive income before reclassifications	0.6		3.3		—		3.9
Amounts reclassified from accumulated other comprehensive income (loss)	—		(0.3)		(0.9)		(1.2)
Current-period other comprehensive income (loss)	0.6		3.0		(0.9)		2.7
Balance at end of period	$	239.2	$	(1.4)	$	13.4	$	251.2

(2)Net of tax provision of $4.6 and $4.9 as of April 3, 2021 and December 31, 2020, respectively. The balances as of April 3, 2021 and December 31, 2020 include unamortized prior service credits.

The following summarizes amounts reclassified from each component of accumulated other comprehensive income for the three months ended April 2, 2022 and April 3, 2021:


	Amount Reclassified from AOCI
	Three months ended
	April 2, 2022		April 3, 2021		Affected Line Item in the Condensed Consolidated Statements of Operations
(Gains) losses on qualifying cash flow hedges:

Commodity contracts	$	—	$	(1.8)	Income from discontinued operations, net of tax
Swaps	0.5		1.4		Interest expense
Pre-tax	0.5		(0.4)
Income taxes	(0.1)		0.1
	$	0.4	$	(0.3)

Gains on pension and postretirement items:
Amortization of unrecognized prior service credits - Pre-tax	$	(1.1)	$	(1.2)	Other income, net
Income taxes	0.2		0.3
	$	(0.9)	$	(0.9)