Net Loss Per Common Share

3 Months Ended

Apr. 04, 2015

Earnings Per Share [Abstract]

Net Loss Per Common Share

Note 7—Net Loss Per Common Share

Basic net loss per common share is calculated by dividing net loss attributed to Cott Corporation by the weighted average number of common shares outstanding during the periods presented. Diluted net loss per common share is calculated by dividing diluted net income attributed 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, Time-based RSUs and Convertible Preferred Shares during the periods presented. The dilutive effect of the Convertible Preferred Shares was calculated using the if-converted method. In applying the if-converted method, the Convertible Preferred Shares are assumed to have been converted at the beginning of the period (or at the time of issuance, if later). Set forth below is a reconciliation of the numerator and denominator for the diluted earnings per common share computations for the periods indicated:

Numerator

	For the Three Months Ended
(in millions of U.S. dollars)	April 4, 2015			March 29, 2014
Net loss attributed to Cott Corporation	$	(6.0	)	$	(4.1	)
Plus:
Accumulated dividends on convertible preferred shares 1		2.7			—
Diluted net loss attributed to Cott Corporation	$	(3.3	)	$	(4.1	)

Denominator

	For the Three Months Ended
(in thousands)	April 4, 2015		March 29, 2014
Weighted average number of shares outstanding - basic		93,196		94,319
Dilutive effect of stock options		—		—
Dilutive effect of Performance-based RSUs		—		—
Dilutive effect of Time-based RSUs		—		—
Dilutive effect of Convertible Preferred Shares		—		—
Adjusted weighted average number of shares outstanding - diluted		93,196		94,319

^1.  The accumulated dividends on Convertible Preferred Shares were added back to the numerator to calculate diluted net loss per common share because the Convertible Preferred Shares were assumed to have been converted at the time of issuance for purposes of this calculation.

At April 4, 2015, we excluded 991,259 (March 29, 2014—882,951) stock options from the computation of diluted net (loss) income per share because the options’ exercise price was greater than the average market price of the common shares. In addition, we excluded the impact of the remaining stock options, Performance-based RSUs, Time-based RSUs and Convertible Preferred Shares from the computation of diluted net loss per share as they were considered anti-dilutive for purposes of calculating loss per share.