EQUITY

Earnings Per Share

The following table reconciles the numerator and denominator in the computations of basic and diluted earnings per share:



	Three Months Ended					Six Months Ended
	June 25, 2016		June 27, 2015			June 25, 2016			June 27, 2015
	(in thousands)
Numerator:
Income from continuing operations, net of income taxes	$	35,545	$	49,252		$	73,120		$	80,873
Income (loss) from discontinued operations, net of income taxes	12		(7		)	(14		)	(14		)
Less: Net income attributable to noncontrolling interests	350		736			756			809
Net income attributable to common shareholders	$	35,207	$	48,509		$	72,350		$	80,050

Denominator:
Weighted-average shares outstanding - Basic	47,061		46,675			46,852			46,712
Effect of dilutive securities:
Stock options, restricted stock units, performance share units and restricted stock	858		875			939			1,006
Weighted-average shares outstanding - Diluted	47,919		47,550			47,791			47,718

Options to purchase approximately 0.8 million and 0.5 million shares for the three months ended June 25, 2016 and June 27, 2015, respectively, as well as an insignificant number of restricted stock, restricted stock units (RSUs) and performance share units (PSUs) were not included in computing diluted earnings per share because their inclusion would have been anti-dilutive. Options to purchase approximately 0.9 million and 0.5 million shares for the six months ended June 25, 2016 and June 27, 2015, respectively, as well as an insignificant number of restricted stock, RSUs and PSUs were not included in computing diluted earnings per share because their inclusion would have been anti-dilutive. Basic weighted average shares outstanding for both the six months ended June 25, 2016 and June 27, 2015 excluded the impact of approximately 1.1 million shares.

Treasury Shares

During the six months ended June 25, 2016, the Company did not repurchase any shares under its authorized stock repurchase program. The Company repurchased approximately 1.2 million shares for $90.8 million in the six months ended June 27, 2015. As of June 25, 2016, the Company had $69.7 million remaining on the authorized stock repurchase program. The Company’s stock-based compensation plans permit the netting of common stock upon vesting of restricted stock, RSUs and PSUs in order to satisfy individual minimum statutory tax withholding requirements. During the six months ended June 25, 2016 and June 27, 2015, the Company acquired approximately 0.2 million shares for $12.2 million and approximately 0.1 million shares for $8.7 million, respectively.

Accumulated Other Comprehensive Income

Changes to each component of accumulated other comprehensive income, net of income taxes, are as follows:



	Foreign Currency Translation Adjustment and Other			Pension and Other Post-Retirement Benefit Plans			Total
	(in thousands)
December 26, 2015	$	(82,977	)	$	(52,571	)	$	(135,548	)
Other comprehensive loss before reclassifications	(15,145		)	—			(15,145		)
Amounts reclassified from accumulated other comprehensive income (loss)	—			785			785
Net current period other comprehensive income	(15,145		)	785			(14,360		)
Income tax expense	—			284			284
June 25, 2016	$	(98,122	)	$	(52,070	)	$	(150,192	)

Foreign currency translation and other includes an insignificant amount of unrealized gains (losses) on available-for-sale marketable securities.

Nonredeemable Noncontrolling Interests

The Company has investments in several entities, whose financial results are consolidated in the Company’s financial statements, as it has a controlling financial interest in these entities. The interests of the respective noncontrolling parties in these entities have been recorded as noncontrolling interests. The activity within the nonredeemable noncontrolling interests was insignificant during the three and six months ended June 25, 2016 and June 27, 2015.