EQUITY AND REDEEMABLE NONCONTROLLING INTEREST

Earnings Per Share

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



	Three Months Ended					Nine Months Ended
	September 30, 2017			September 24, 2016		September 30, 2017			September 24, 2016
	(in thousands)
Numerator:
Income from continuing operations, net of income taxes	$	52,994		$	37,691	$	154,630		$	110,811
Income (loss) from discontinued operations, net of income taxes	(39		)	342		(114		)	328
Less: Net income attributable to noncontrolling interests	481			298		1,312			1,054
Net income attributable to common shareholders	$	52,474		$	37,735	$	153,204		$	110,085

Denominator:
Weighted-average shares outstanding - Basic	47,451			47,160		47,530			46,954
Effect of dilutive securities:
Stock options, restricted stock units, performance share units and restricted stock	939			874		910			884
Weighted-average shares outstanding - Diluted	48,390			48,034		48,440			47,838

Options to purchase 0.4 million and 0.6 million shares for the three months ended September 30, 2017 and September 24, 2016, respectively, as well as an insignificant number of restricted shares, 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 0.6 million and 0.9 million shares for the nine months ended September 30, 2017 and September 24, 2016, respectively, as well as an insignificant number of restricted shares, 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 nine months ended September 30, 2017 and September 24, 2016 excluded the impact of 1.1 million shares of non-vested restricted stock and RSUs.

Treasury Shares

During the nine months ended September 30, 2017, the Company repurchased 1.0 million shares totaling $90.6 million under its authorized stock repurchase program. No shares were repurchased in the nine months ended September 24, 2016. On May 9, 2017, the Company’s Board of Directors increased the stock repurchase authorization by $150 million, to an aggregate amount of $1.3 billion. As of September 30, 2017, the Company had $129.1 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 statutory tax withholding requirements. During the nine months ended September 30, 2017 and September 24, 2016, the Company acquired 0.2 million shares for $16.3 million and 0.2 million shares for $12.2 million, respectively, from such netting.

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 31, 2016	$	(154,595	)	$	(99,169	)	$	(253,764	)
Other comprehensive loss before reclassifications	68,590			—			68,590
Amounts reclassified from accumulated other comprehensive income (loss)	—			2,638			2,638
Net current period other comprehensive income	68,590			2,638			71,228
Income tax expense	—			776			776
September 30, 2017	$	(86,005	)	$	(97,307	)	$	(183,312	)

Nonredeemable Noncontrolling Interest

The Company has an investment in an entity whose financial results are consolidated in the Company’s financial statements, as it has the ability to exercise control over this entity. The interest of the noncontrolling party in this entity has been recorded as noncontrolling interest. The activity within the nonredeemable noncontrolling interest during the three months ended September 30, 2017 and September 24, 2016 was $0.3 million and $0.1 million, respectively. The activity within the nonredeemable noncontrolling interest during the nine months ended September 30, 2017 and September 24, 2016 was $0.8 million and $0.4 million, respectively.

Redeemable Noncontrolling Interest

The Company’s redeemable noncontrolling interest resulted from an acquisition of a 75% ownership interest in Vital River in January 2013 and a purchase of an additional 12% equity interest in Vital River in July 2016, totaling an ownership of 87%. Prior to the purchase of an additional 12% equity interest on July 7, 2016, the redeemable noncontrolling interest was reported at fair value.

Concurrent with the purchase of an additional equity interest, the original agreement was amended providing the Company with the right to purchase, and the noncontrolling interest holders with the right to sell, the remaining 13% equity interest at a contractually defined redemption value, subject to a redemption floor (embedded derivative). These rights are exercisable beginning in 2019 and are accelerated in certain events. The redeemable noncontrolling interest is measured at the greater of the amount that would be paid if settlement occurred as of the balance sheet date based on the contractually defined redemption value ($15.0 million as of September 30, 2017) and its carrying amount adjusted for net income (loss) attributable to the noncontrolling interest. As the noncontrolling interest holders have the ability to require the Company to purchase the remaining 13% interest, the noncontrolling interest is classified in the mezzanine section of the unaudited condensed consolidated balance sheets, which is presented above the equity section and below liabilities. The agreement does not limit the amount that the Company could be required to pay to purchase the remaining 13% equity interest.

The following table provides a rollforward of the activity related to the Company’s redeemable noncontrolling interest:



	Nine Months Ended
	September 30, 2017		September 24, 2016
	(in thousands)
Beginning balance	$	14,659	$	28,008
Purchase of 12% equity interest	—		(12,360		)
Total gains or losses (realized/unrealized):
Net income attributable to noncontrolling interest	474		462
Foreign currency translation	652		(875		)
Modification of 13% purchase option	—		1,495
Change in fair value, included in additional paid-in capital	—		(1,690		)
Ending balance	$	15,785	$	15,040