Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2018

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

Note 6—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
	March 31, 2018		April 1, 2017
Numerator (in millions):
Net income (loss) attributable to Cott Corporation
Continuing operations	$	4.6	$	(10.2	)
Discontinued operations		356.8		(26.2	)
Net income (loss)	$	361.4	$	(36.4	)
Basic Earnings Per Share
Denominator (in thousands):
Weighted average common shares outstanding—basic		139,953		138,735
Basic Earnings Per Share:
Continuing operations	$	0.03	$	(0.07	)
Discontinued operations		2.55		(0.19	)
Net income (loss)	$	2.58	$	(0.26	)
Diluted Earnings Per Share
Denominator (in thousands):
Weighted average common shares outstanding—basic		139,953		138,735
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		142,335		138,735
Diluted Earnings Per Share:
Continuing operations	$	0.03	$	(0.07	)
Discontinued operations		2.51		(0.19	)
Net income (loss)	$	2.54	$	(0.26	)

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
(in thousands)	March 31, 2018		April 1, 2017
Stock Options		914		4,474
Performance-based RSUs1		627		1,824
Time-based RSUs		90		721

^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.