Changes In Shareholders' Equity

6 Months Ended

Jul. 01, 2012

Changes In Shareholders' Equity

Note 10—Changes in shareholders’ equity

In 2007, the Company’s Board of Directors authorized the repurchase of up to $300 million of outstanding Company common stock. Repurchases of Company stock under the Board authorization may be made from time to time in the open market and may include privately-negotiated transactions as market conditions warrant and subject to regulatory considerations. The stock repurchase program has no expiration date and the Company’s ability to execute on the program will depend on, among other factors, cash requirements for acquisitions, cash generated from operations, debt repayment obligations, market conditions and regulatory requirements. In addition, under the Company’s senior credit agreements, the Company is subject to certain restrictions relating to its ability to repurchase shares in the event the Company’s consolidated leverage ratio exceeds certain levels, which may limit the Company’s ability to repurchase shares under this Board authorization. Through July 1, 2012, no shares have been purchased under this Board authorization.

The following table provides a reconciliation of basic to diluted weighted average shares outstanding:

	Three Months Ended				Six Months Ended
	July 1, 2012		June 26, 2011		July 1, 2012		June 26, 2011
	(Shares in thousands)
Basic		40,834		40,536		40,801		40,297
Dilutive shares assumed issued		242		336		—		351
Diluted		41,076		40,872		40,801		40,648

Weighted average stock options that were antidilutive and therefore not included in the calculation of earnings per share were approximately 8,818 thousand and 8,999 thousand for the three and six month periods ended July 1, 2012, respectively, and approximately 8,776 thousand and 8,906 thousand for the three and six month periods ended June 26, 2011, respectively.

The following tables provide information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the six months ended July 1, 2012 and June 26, 2011:

	Cash Flow Hedges			Pension and Other Postretirement Benefit Plans			Foreign Currency Translation Adjustment			Accumulated Other Comprehensive Income (Loss)
	(Dollars in thousands)
Balance at December 31, 2011	$	(7,257	)	$	(134,548	)	$	(17,548	)	$	(159,353	)
Current-period other comprehensive income (loss)		4,306			2,336			(35,544	)		(28,902	)
Balance at July 1, 2012	$	(2,951	)	$	(132,212	)	$	(53,092	)	$	(188,255	)

	Cash Flow Hedges			Pension and Other Postretirement Benefit Plans			Foreign Currency Translation Adjustment			Accumulated Other Comprehensive Income (Loss)
	(Dollars in thousands)
Balance at December 31, 2010	$	(15,262	)	$	(95,746	)	$	59,128		$	(51,880	)
Current-period other comprehensive income		3,340			5,619			61,840			70,799
Divestiture of Marine		—			8,427			(33,424	)		(24,997	)
Discontinued operations		(15	)		(37	)		2,504			2,452
Balance at June 26, 2011	$	(11,937	)	$	(81,737	)	$	90,048		$	(3,626	)