Common Shares and Net (Loss) Income per Common Share

6 Months Ended

Jul. 03, 2021

Earnings Per Share [Abstract]

Common Shares and Net (Loss) Income per Common Share

Common Shares and Net (Loss) Income per Common Share

Common Shares

On May 4, 2021, our Board of Directors approved a new share repurchase program for up to $50.0 million of our outstanding common shares over a 12-month period commencing on May 10, 2021 (the “Repurchase Plan”). For the three and six months ended July 3, 2021, we repurchased 786,017 common shares for approximately $13.0 million through open market transactions under the Repurchase Plan. Shares purchased under the Repurchase Plan were subsequently canceled. There can be no assurance as to the precise number of common shares, if any, that will be repurchased under the Repurchase Plan in the future, or the aggregate dollar amount of common 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 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 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				For the Six Months Ended
	July 3, 2021		June 27, 2020		July 3, 2021		June 27, 2020
Numerator (in millions of U.S. dollars):
Net (loss) income from continuing operations	$	(8.3)	$	(131.7)	$	(18.5)	$	(159.1)
Net (loss) income from discontinued operations	—		(4.3)		—		26.6
Net loss	(8.3)		(136.0)		(18.5)		(132.5)
Basic Earnings Per Share
Denominator (in thousands):
Weighted average common shares outstanding - basic	161,561		159,931		161,097		150,535
Basic Earnings Per Share:
Continuing operations	(0.05)		(0.82)		(0.11)		(1.06)
Discontinued operations	—		(0.03)		—		0.18
Net loss	(0.05)		(0.85)		(0.11)		(0.88)
Diluted Earnings Per Share
Denominator (in thousands):
Weighted average common shares outstanding - basic	161,561		159,931		161,097		150,535
Dilutive effect of Stock Options	—		—		—		—
Dilutive effect of Performance-based RSUs	—		—		—		—
Dilutive effect of Time-based RSUs	—		—		—		—
Weighted average common shares outstanding - diluted	161,561		159,931		161,097		150,535
Diluted Earnings Per Share:
Continuing operations	(0.05)		(0.82)		(0.11)		(1.06)
Discontinued operations	—		(0.03)		—		0.18
Net loss	(0.05)		(0.85)		(0.11)		(0.88)

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 Six Months Ended
(in thousands)	July 3, 2021	June 27, 2020	July 3, 2021	June 27, 2020
Stock Options	5,719	6,510	5,719	6,510
Performance-based RSUs 1	836	924	836	924
Time-based RSUs	481	511	481	511

______________________

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