Earnings Per Share

9 Months Ended

Oct. 01, 2016

Earnings Per Share

Earnings Per Share

The following table reconciles net earnings attributable to common shareowners and the weighted average shares outstanding used to calculate basic and diluted earnings per share for the three and nine months ended October 1, 2016 and October 3, 2015:

	Third Quarter					Year-to-Date
	2016		2015			2016		2015
Numerator (in millions):
Net earnings from continuing operations attributable to common shareowners	$	248.9	$	234.1		$	709.8	$	636.6
Net loss from discontinued operations	—		(5.4		)	—		(18.4		)
Net Earnings Attributable to Common Shareowners	$	248.9	$	228.7		$	709.8	$	618.2

	Third Quarter					Year-to-Date
	2016		2015			2016		2015
Denominator (in thousands):
Basic earnings per share — weighted average shares	145,410		145,911			145,547		148,796
Dilutive effect of stock options, awards and other equity arrangements	2,565		4,870			2,170		4,609
Diluted earnings per share — weighted average shares	147,975		150,781			147,717		153,405
Earnings (loss) per share of common stock:
Basic earnings (loss) per share of common stock:
Continuing operations	$	1.71	$	1.60		$	4.88	$	4.28
Discontinued operations	—		(0.04		)	—		(0.12		)
Total basic earnings per share of common stock	$	1.71	$	1.57		$	4.88	$	4.15
Diluted earnings (loss) per share of common stock:
Continuing operations	$	1.68	$	1.55		$	4.81	$	4.15
Discontinued operations	—		(0.04		)	—		(0.12		)
Total dilutive earnings per share of common stock	$	1.68	$	1.52		$	4.81	$	4.03

The following weighted average stock options were not included in the computation of diluted shares outstanding because the effect would be anti-dilutive (in thousands):

	Third Quarter		Year-to-Date
	2016	2015	2016	2015
Number of stock options	—	636	854	751

As described in detail in Note J, Equity Arrangements, the Company issued Equity Units in December 2013 comprised of $345.0 million of Notes and Equity Purchase Contracts, which obligate the holders to purchase on November 17, 2016, for $100, between 1.0122 and 1.2399 shares of the Company’s common stock. The shares related to the Equity Purchase Contracts were anti-dilutive during January and February of 2016, and from January through April of 2015. Upon the November 17, 2016 settlement date, the Company will issue approximately 3.5 to 4.3 million shares of common stock, subject to customary anti-dilution adjustments, and expects to receive additional cash proceeds of $345.0 million.