Shareholders' equity

3 Months Ended

Mar. 29, 2020

Shareholders’ equity

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner except that the weighted average number of shares is increased to include dilutive securities. The following table provides a reconciliation of basic to diluted weighted average number of common shares outstanding:


	Three Months Ended
	March 29, 2020	March 31, 2019
	(Shares in thousands)
Basic	46,382	46,050
Dilutive effect of share-based awards	849	892

Diluted	47,231	46,942

The weighted average number of shares that were antidilutive and therefore excluded from the calculation of earnings per share were 0.1 million for the three months ended March 29, 2020 and March 31, 2019.

The following tables provide information relating to the changes in accumulated other comprehensive loss, net of tax, for the three months ended March 29, 2020 and March 31, 2019:


	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive (Loss) Income
	(Dollars in thousands)
Balance as of December 31, 2019	$	735	$	(138,810)	$	(206,317)	$	(344,392)
Other comprehensive (loss) income before reclassifications	(3,760)		263		(18,199)		(21,696)
Amounts reclassified from accumulated other comprehensive income	(57)		1,426		—		1,369
Net current-period other comprehensive (loss) income	(3,817)		1,689		(18,199)		(20,327)

Balance as of March 29, 2020	$	(3,082)	$	(137,121)	$	(224,516)	$	(364,719)


	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive (Loss) Income
	(Dollars in thousands)
Balance as of December 31, 2018	$	807	$	(131,380)	$	(210,512)	$	(341,085)
Other comprehensive (loss) income before reclassifications	(434)		(122)		(236)		(792)
Amounts reclassified from accumulated other comprehensive loss	(163)		1,351		—		1,188
Net current-period other comprehensive (loss) income	(597)		1,229		(236)		396

Balance as of March 31, 2019	$	210	$	(130,151)	$	(210,748)	$	(340,689)

The following table provides information relating to the location in the statements of operations and amount of reclassifications of losses/(gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the three months ended March 29, 2020 and March 31, 2019:


	Three Months Ended
	March 29, 2020		March 31, 2019
	(Dollars in thousands)
(Gains) losses on foreign exchange contracts:
Cost of goods sold	$	(66)	$	(186)
Total before tax	(66)		(186)
Taxes	9		23
Net of tax	$	(57)	$	(163)
Amortization of pension and other postretirement benefit items ₍₁₎:
Actuarial losses	$	1,852	$	1,740
Prior-service costs	8		22

Total before tax	1,860		1,762
Tax benefit	(434)		(411)
Net of tax	$	1,426	$	1,351
Total reclassifications, net of tax	$	1,369	$	1,188

(1) These accumulated other comprehensive (loss) income components are included in the computation of net benefit expense for pension and other postretirement benefit plans.