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Earnings Per Share
 6 Months Ended
Jun. 15, 2013
Earnings Per Share [Abstract]  
Earnings Per Share
3. EARNINGS PER SHARE

The Company calculates earnings per share in accordance with FASB Accounting Standards Codification (“ASC”) Topic 260, Earnings Per Share (“ASC 260”). ASC 260 addresses whether instruments granted in share-based payment transactions are participating securities prior to vesting, and, therefore, need to be included in the earnings allocation in computing earnings per share under the two-class method. Under the guidance in ASC 260, the Company’s unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents, whether paid or unpaid, are participating securities and must be included in the computation of earnings per share pursuant to the two-class method.

The following table sets forth the computation of basic and diluted earnings per share:

 

(In millions, except share and per share data)

    12 Weeks Ended     24 weeks Ended  
     June 15,
2013		     June 16,
2012		     June 15,
2013		     June 16,
2012		  

Numerator:

         

Net earnings attributable to Wolverine World Wide, Inc.

    $ 17.9      $ 20.5      $ 47.7      $ 51.7   

Adjustment for earnings allocated to non-vested restricted common stock

      (0.3 )      (0.3 )      (0.9 )      (0.9 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings used in calculating basic earnings per share

      17.6        20.2        46.8        50.8   

Adjustment for earnings reallocated from non-vested restricted common stock

      —          —          —          —     
  

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings used in calculating diluted earnings per share

    $ 17.6      $ 20.2      $ 46.8      $ 50.8   
  

 

 

    

 

 

    

 

 

    

 

 

  

Denominator:

         

Weighted average shares outstanding

      50,163,722        48,694,332        49,947,199        48,564,198   

Adjustment for non-vested restricted common stock

      (1,763,899 )      (1,396,931 )      (1,612,163 )      (1,386,317 ) 
  

 

 

    

 

 

    

 

 

    

 

 

  

Shares used in calculating basic earnings per share

      48,399,823        47,297,401        48,335,036        47,177,881   

Effect of dilutive stock options

      918,174        1,123,863        868,941        1,123,286   
  

 

 

    

 

 

    

 

 

    

 

 

  

Shares used in calculating diluted earnings per share

      49,317,997        48,421,264        49,203,977        48,301,167   
  

 

 

    

 

 

    

 

 

    

 

 

  

Net earnings per share:

         

Basic

    $ 0.36      $ 0.43      $ 0.97      $ 1.08   

Diluted

    $ 0.36      $ 0.42      $ 0.95      $ 1.05   

 

For the 12 and 24 weeks ended June 15, 2013, options relating to 730,735 and 687,131 shares of common stock outstanding, respectively, have not been included in the denominator for the computation of diluted earnings per share because they were anti-dilutive.

For the 12 and 24 weeks ended June 16, 2012, options relating to 587,347 and 541,729 shares of common stock outstanding, respectively, have not been included in the denominator for the computation of diluted earnings per share because they were anti-dilutive.