Changes in shareholders' equity

9 Months Ended

Sep. 30, 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 (generally, the ratio of Consolidated Total Indebtedness to Consolidated EBITDA, as defined in the senior credit agreements) exceeds certain levels, which may limit the Company’s ability to repurchase shares under this Board authorization. Through September 30, 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				Nine Months Ended
	September 30, 2012		September 25, 2011		September 30, 2012		September 25, 2011
	(Shares in thousands)
Basic		40,890		40,684		40,831		40,426
Dilutive shares assumed issued		621		259		—		312
Diluted		41,511		40,943		40,831		40,738

Weighted average stock options that were antidilutive and therefore not included in the calculation of earnings per share were approximately 8,403 thousand and 9,007 thousand for the three and nine month periods ended September 30, 2012, respectively, and approximately 8,785 thousand and 8,866 thousand for the three and nine month periods ended September 25, 2011, respectively.

The following tables provide information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2012 and September 25, 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		7,012			3,208			10,305			20,525
Balance at September 30, 2012	$	(245	)	$	(131,340	)	$	(7,243	)	$	(138,828	)

	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		5,508			6,423			11,866			23,797
Divestiture of Marine		—			8,427			(33,424	)		(24,997	)
Discontinued operations		—			1			2,154			2,155
Balance at September 25, 2011	$	(9,754	)	$	(80,895	)	$	39,724		$	(50,925	)