Common Shares and Net (Loss) Income per Common Share

Common Shares

On December 11, 2018, our Board of Directors approved a share repurchase program for up to $50.0 million of our outstanding common shares over a 12-month period commencing on December 14, 2018 (the “Repurchase Plan”). The Repurchase Plan replaced the then-existing share repurchase program, which was scheduled to expire on May 6, 2019. As of December 29, 2018, the maximum approximate amount of common shares available to be purchased under the Repurchase Plan was $27.8 million. For the three months ended March 30, 2019, we repurchased 570,000 common shares for $7.8 million through open market transactions under the Repurchase Plan. Shares purchased under the Repurchase Plan were subsequently canceled.

We are unable to predict the number of shares that ultimately will be repurchased under the Repurchase Plan, 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.

Net (Loss) Income per Common Share

Basic net (loss) income per common share is calculated by dividing net (loss) income attributable to Cott Corporation by the weighted average number of common shares outstanding during the periods presented. Diluted net (loss) income per common share is calculated by dividing net (loss) income 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 (loss) income per common share computations for the periods indicated:



	For the Three Months Ended
	March 30, 2019			March 31, 2018
Numerator (in millions of U.S. dollars):
Net (loss) income attributable to Cott Corporation
Continuing operations	$	(19.7	)	$	4.6
Discontinued operations	—			356.8
Net (loss) income	(19.7		)	361.4
Basic Earnings Per Share
Denominator (in thousands):
Weighted average common shares outstanding - basic	135,948			139,953
Basic Earnings Per Share:
Continuing operations	(0.14		)	0.03
Discontinued operations	—			2.55
Net (loss) income	(0.14		)	2.58
Diluted Earnings Per Share
Denominator (in thousands):
Weighted average common shares outstanding - basic	135,948			139,953
Dilutive effect of Stock Options	—			1,339
Dilutive effect of Performance-based RSUs	—			821
Dilutive effect of Time-based RSUs	—			222
Weighted average common shares outstanding - diluted	135,948			142,335
Diluted Earnings Per Share:
Continuing operations	(0.14		)	0.03
Discontinued operations	—			2.51
Net (loss) income	(0.14		)	2.54

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



	For the Three Months Ended
(in thousands)	March 30, 2019	March 31, 2018
Stock Options	5,378	914
Performance-based RSUs ¹	1,252	627
Time-based RSUs	374	90

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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.