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
	March 30, 2019		March 31, 2018
	(in thousands)
Numerator:
Income from continuing operations, net of income taxes	$	55,688	$	53,268
Loss from discontinued operations, net of income taxes	—		(23		)
Less: Net income attributable to noncontrolling interests	555		614
Net income attributable to common shareholders	$	55,133	$	52,631

Denominator:
Weighted-average shares outstanding - Basic	48,458		47,785
Effect of dilutive securities:
Stock options, restricted stock units, performance share units and restricted stock	1,004		1,043
Weighted-average shares outstanding - Diluted	49,462		48,828

Options to purchase 0.4 million and 0.5 million shares for the three months ended March 30, 2019 and March 31, 2018, 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. Basic weighted-average shares outstanding for the three months ended March 30, 2019 and March 31, 2018 excluded the impact of 1.0 million and 1.1 million shares, respectively, of non-vested restricted stock and RSUs.

Treasury Shares

During the three months ended March 30, 2019 and March 31, 2018, the Company did not repurchase any shares under its authorized stock repurchase program. As of March 30, 2019, 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 RSUs and PSUs in order to satisfy individual statutory tax withholding requirements. During the three months ended March 30, 2019 and March 31, 2018, the Company acquired 0.1 million shares for $17.8 million and 0.1 million shares for $13.5 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 29, 2018	$	(102,199	)	$	(70,504	)	$	(172,703	)
Other comprehensive income before reclassifications	9,427			—			9,427
Amounts reclassified from accumulated other comprehensive loss	—			374			374
Net current period other comprehensive income	9,427			374			9,801
Income tax (benefit) expense	(182		)	80			(102		)
March 30, 2019	$	(92,590	)	$	(70,210	)	$	(162,800	)

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 months ended March 30, 2019 and March 31, 2018.

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 currently exercisable. 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 ($20.5 million as of March 30, 2019) and the 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:



	Three Months Ended
	March 30, 2019		March 31, 2018
	(in thousands)
Beginning balance	$	18,525	$	16,609
Total gains or losses (realized/unrealized):
Net income attributable to noncontrolling interest	85		150
Adjustment to redemption value	1,451		—
Foreign currency translation	458		564
Ending balance	$	20,519	$	17,323