Common Shares and Net Income (Loss) per Common Share

Common Shares

On May 1, 2018, our Board of Directors approved a share repurchase program for up to $50.0 million of Cott’s outstanding common shares over a 12-month period commencing on May 7, 2018. Since that date, during the three and nine months ended September 29, 2018, we repurchased 1,560,736 and 2,556,117 common shares, respectively, for approximately $24.0 million and $40.0 million, respectively, through open market transactions. We are unable to predict the number of shares that ultimately will be repurchased under the share repurchase program, or the aggregate dollar amount of the shares to be purchased in future periods. We may discontinue purchases at any time, subject to compliance with applicable regulatory requirements. Shares purchased under the share repurchase program were canceled.

Net Income (Loss) per Common Share

Basic net income (loss) per common share is calculated by dividing net income (loss) attributable to Cott Corporation by the weighted average number of common shares outstanding during the periods presented. Diluted net income (loss) per common share is calculated by dividing net income (loss) attributable to Cott Corporation by the weighted average number of common shares outstanding adjusted to include the effect, if dilutive, of the exercise of in-the-money Stock Options, Performance-based RSUs, and Time-based RSUs during the periods presented. Set forth below is a reconciliation of the numerator and denominator for the diluted net income (loss) per common share computations for the periods indicated:



	For the Three Months Ended				For the Nine Months Ended
	September 29, 2018		September 30, 2017		September 29, 2018		September 30, 2017
Numerator (in millions of U.S. dollars):
Net income (loss) attributable to Cott Corporation
Continuing operations	$	8.5	$	1.6	$	25.3	$	(13.1	)
Discontinued operations	1.5		40.9		356.9		(5.4		)
Net income (loss)	10.0		42.5		382.2		(18.5		)
Basic Earnings Per Share
Denominator (in thousands):
Weighted average common shares outstanding - basic	138,787		139,205		139,503		138,980
Basic Earnings Per Share:
Continuing operations	0.06		0.01		0.18		(0.09		)
Discontinued operations	0.01		0.29		2.56		(0.04		)
Net income (loss)	0.07		0.30		2.74		(0.13		)
Diluted Earnings Per Share
Denominator (in thousands):
Weighted average common shares outstanding - basic	138,787		139,205		139,503		138,980
Dilutive effect of Stock Options	1,212		1,158		1,260		—
Dilutive effect of Performance-based RSUs	918		154		954		—
Dilutive effect of Time-based RSUs	259		486		246		—
Weighted average common shares outstanding - diluted	141,176		141,003		141,963		138,980
Diluted Earnings Per Share:
Continuing operations	0.06		0.01		0.18		(0.09		)
Discontinued operations	0.01		0.29		2.51		(0.04		)
Net income (loss)	0.07		0.30		2.69		(0.13		)

The following table summarizes anti-dilutive securities excluded from the computation of diluted net income (loss) per common share for the periods indicated:



	For the Three Months Ended		For the Nine Months Ended
(in thousands)	September 29, 2018	September 30, 2017	September 29, 2018	September 30, 2017
Stock Options	1,141	198	1,086	4,286
Performance-based RSUs ¹	327	—	327	1,703
Time-based RSUs	—	—	—	660

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¹	Performance-based RSUs represent the number of shares expected to be issued based primarily on the estimated achievement of cumulative pre-tax income targets for these awards.