EQUITY AND NONCONTROLLING INTERESTS

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 30, 2018		July 1, 2017			June 30, 2018		July 1, 2017
	(in thousands)
Numerator:
Income from continuing operations, net of income taxes	$	52,850	$	54,673		$	106,118	$	101,636
Income (loss) from discontinued operations, net of income taxes	1,529		(71		)	1,506		(75		)
Less: Net income attributable to noncontrolling interests	670		650			1,284		831
Net income attributable to common shareholders	$	53,709	$	53,952		$	106,340	$	100,730

Denominator:
Weighted-average shares outstanding - Basic	48,198		47,591			47,992		47,569
Effect of dilutive securities:
Stock options, restricted stock units, performance share units and restricted stock	845		751			974		835
Weighted-average shares outstanding - Diluted	49,043		48,342			48,966		48,404

Options to purchase 0.5 million and 0.6 million shares for the three months ended June 30, 2018 and July 1, 2017, respectively, as well as a non-significant 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 0.5 million and 0.6 million shares for the six months ended June 30, 2018 and July 1, 2017, respectively, as well as a non-significant 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 six months ended June 30, 2018 and July 1, 2017 excluded the impact of 1.1 million shares of non-vested restricted stock and RSUs.

Treasury Shares

During the six months ended June 30, 2018, the Company did not repurchase any shares under its authorized stock repurchase program. During the six months ended July 1, 2017, the Company repurchased 0.6 million shares totaling $54.6 million under its $1.3 billion authorized stock repurchase program. As of June 30, 2018, 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 six months ended June 30, 2018 and July 1, 2017, the Company acquired 0.1 million shares for $13.7 million and 0.2 million shares for $16.3 million, respectively, from such netting.

Accumulated Other Comprehensive Income (Loss)

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



	Foreign Currency Translation Adjustment and Other			Pension and Other Post-Retirement Benefit Plans			Total
	(in thousands)
December 30, 2017	$	(77,545	)	$	(67,186	)	$	(144,731	)
Other comprehensive loss before reclassifications	(7,394		)	—			(7,394		)
Amounts reclassified from accumulated other comprehensive loss	—			1,249			1,249
Net current period other comprehensive (loss) income	(7,394		)	1,249			(6,145		)
Amount reclassified from accumulated other comprehensive loss due to adoption of ASU 2018-02 (See Note 1)	—			3,330			3,330
Income tax (benefit) expense	(906		)	308			(598		)
June 30, 2018	$	(84,033	)	$	(69,575	)	$	(153,608	)

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 was immaterial during the three and six months ended June 30, 2018 and July 1, 2017.

Redeemable Noncontrolling Interest

The Company’s redeemable noncontrolling interest in Vital River is 13%.

The Company has the right to purchase, and the noncontrolling interest holders have 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 ($17.1 million as of June 30, 2018) 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:



	Six Months Ended
	June 30, 2018			July 1, 2017
	(in thousands)
Beginning balance	$	16,609		$	14,659
Total gains or losses (realized/unrealized):
Net income attributable to noncontrolling interest	377			291
Foreign currency translation	(324		)	367
Ending balance	$	16,662		$	15,317