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Earnings (Loss) Per Common Share
 6 Months Ended
Jul. 01, 2016
Earnings Per Share [Abstract]  
Earnings (Loss) Per Common Share
Earnings (Loss) Per Common Share
The Company applies the two-class method of computing basic and diluted earnings per share.
A reconciliation of the numerator and denominator of earnings (loss) per common share-basic to earnings (loss) per common share-assuming dilution is as follows (in millions, except per share data):
 
Three Fiscal Months Ended
 
Six Fiscal Months Ended
 
July 1, 2016
 
July 3, 2015
 
July 1, 2016
 
July 3, 2015
Amounts attributable to the Company – basic and diluted:
 
 
 
 
 
 
 
Net income (loss) from continuing operations
$
33.7

 
$
(1.6
)
 
$
25.7

 
$
(36.3
)
Less: net income (loss) attributable to continuing operations noncontrolling interest
(1.5
)
 
(0.2
)
 
(1.2
)
 
(1.0
)
Net income (loss) from continuing operations attributable to Company common shareholders
$
35.2

 
$
(1.4
)
 
$
26.9

 
$
(35.3
)
Net income (loss) from discontinued operations, net of tax
(5.4
)
 
(6.8
)
 
(1.8
)
 
(13.0
)
Less: net income (loss) attributable to discontinued operations noncontrolling interest
—

 
(1.3
)
 
—

 
(3.3
)
Net income (loss) from discontinued operations attributable to Company common shareholders
$
(5.4
)
 
$
(5.5
)
 
$
(1.8
)
 
$
(9.7
)
Net income (loss) attributable to Company common shareholders (1)
$
29.8

 
$
(6.9
)
 
$
25.1

 
$
(45.0
)
Weighted average shares outstanding for basic EPS computation (2,3)
49.6

 
48.9

 
49.5

 
48.8

Earnings (loss) per common share calculation - basic: (4)
 
 
 
 
 
 
 
Earnings (loss) from continuing operations attributable to Company common shareholders per common share – basic (3)
$
0.71

 
$
(0.03
)
 
$
0.54

 
$
(0.72
)
Earnings (loss) from discontinued operations attributable to Company common shareholders per common share – basic
$
(0.11
)
 
$
(0.11
)
 
$
(0.03
)
 
$
(0.20
)
Earnings (loss) per common share attributable to Company common shareholders – basic (3)
$
0.60

 
$
(0.14
)
 
$
0.51

 
$
(0.92
)
Weighted average shares outstanding including nonvested shares
49.6

 
48.9

 
49.5

 
48.8

Dilutive effect of stock options and restricted stock units
2.5

 
—

 
2.5

 
—

Weighted average shares outstanding for diluted EPS computation (2)
52.1

 
48.9

 
52.0

 
48.8

Earnings (loss) per common share calculation - dilution: (4)
 
 
 
 
 
 
 
Earnings (loss) from continuing operations attributable to Company common shareholders per common share – assuming dilution
$
0.68

 
$
(0.03
)
 
$
0.52

 
$
(0.72
)
Earnings (loss) from discontinued operations attributable to Company common shareholders per common share – assuming dilution
(0.11
)
 
(0.11
)
 
(0.03
)
 
(0.20
)
Earnings (loss) per common share attributable to Company common shareholders – assuming dilution
$
0.57

 
$
(0.14
)
 
$
0.48

 
$
(0.92
)
(1)
Numerator
(2)
Denominator
(3)
Under the two-class method, earnings (loss) per share – basic reflects undistributed earnings per share for both common stock and unvested share-based payment awards (restricted stock).
(4)
Earnings (loss) per common share amounts are calculated by line item and may not add due to rounding.

For the three and six months ended July 1, 2016, there were approximately 1.9 million shares and for the three and six months ended July 3, 2015, there were approximately 3.7 million shares excluded from the earnings per common share — assuming dilution computation because their impact was anti-dilutive, respectively.
Under ASC 260 - Earnings per Share and ASC 470 - Debt and because of the Company’s obligation to settle the par value of the Subordinated Convertible Notes in cash, the Company is not required to include any shares underlying the Subordinated Convertible Notes in its weighted average shares outstanding – assuming dilution until the average stock price per share for the quarter exceeds the $36.75 conversion price of the Subordinated Convertible Notes and only to the extent of the additional shares that the Company may be required to issue in the event that the Company’s conversion obligation exceeds the principal amount of the Subordinated Convertible Notes. The average stock price threshold conditions had not been met as of July 1, 2016 or July 3, 2015. At any such time in the future that threshold conditions are met, only the number of shares issuable under the “treasury” method of accounting for the share dilution would be included in the Company’s earnings per share – assuming dilution calculation, which is based upon the amount by which the average stock price exceeds the conversion price.
The following table provides examples of how changes in the Company’s stock price would require the inclusion of additional shares in the denominator of the weighted average shares outstanding – assuming dilution calculation for the Subordinated Convertible Notes.
Share Price
Shares Underlying Subordinated Convertible Notes
 
Total Treasury Method Incremental Shares (1)
$36.75
—

 
—

$38.75
603,152

 
603,152

$40.75
1,147,099

 
1,147,099

$42.75
1,640,151

 
1,640,151

$44.75
2,089,131

 
2,089,131

 
(1)
Represents the number of incremental shares that must be included in the calculation of fully diluted shares under GAAP.