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Earnings per Share
 6 Months Ended
Jul. 03, 2022
Earnings per Share [Abstract]  
Earnings per Share

Note 4.  Earnings per Share (EPS)


Basic earnings per share are based upon the weighted average number of common shares outstanding during the period. Diluted earnings per share are based upon the weighted average number of common shares outstanding during the period assuming the issuance of common shares for all potentially dilutive common shares outstanding.


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

 
Three Months Ended
    
Six Months Ended
  
(in millions, except per share data)
  
Jul. 3,
2022
    
Jul. 4,
2021
    
Jul. 3,
2022
    
Jul. 4,
2021
  
                         
Net income attributable to Minerals Technologies Inc.
  
$
44.9
    
$
41.9
    
$
89.0
    
$
81.8
  
                                 
Weighted average shares outstanding
    
32.8
      
33.7
      
33.0
      
33.8
  
Dilutive effect of stock options and stock units
    
0.1
      
0.4
      
0.1
      
0.2
  
Weighted average shares outstanding, adjusted
    
32.9
      
34.1
      
33.1
      
34.0
  
                                 
Basic earnings per share attributable to Minerals Technologies Inc.
  
$
1.37
    
$
1.24
    
$
2.70
    
$
2.42
  
                                 
Diluted earnings per share attributable to Minerals Technologies Inc.
  
$
1.36
    
$
1.23
    
$
2.69
    
$
2.41
  


Of the options outstanding of 1,524,368 and 1,415,684 for the three-month and six-month periods ended July 3, 2022 and July 4, 2021, respectively, options to purchase 728,322 shares and 253,895 shares of common stock for the three-month and six-month periods ending July 3, 2022 and July 4, 2021, respectively, were not included in the computation of diluted earnings per share because they were anti-dilutive, as the exercise prices of the options were greater than the average market price of the common shares.