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Earnings per share

3 Months Ended

Mar. 28, 2021

Earnings Per Share [Abstract]

Earnings per share

Earnings per share

Basic earnings per share are computed by dividing net income for the period by the weighted-average number of ordinary shares outstanding, net of Treasury shares and shares held in ESOP. Diluted earnings per share are computed by dividing net income for the period by the weighted average number of ordinary shares outstanding and the dilutive ordinary shares equivalents.

Basic and diluted earnings per share were calculated as follows:

						First Quarter
			In millions except share and per-share data			2021						2020
			Basic earnings:
			Net income from continuing operations			$	8.6					$	7.2
			Net income / ( loss) from discontinued operations			5.9						(1.0)
			Net income			$	14.5					$	6.2
			Weighted average number of £0.50 ordinary shares:
			For basic earnings per share			27,658,871						27,440,423
			Dilutive effect of potential common stock			398,452						453,635
			For diluted earnings per share			28,057,323						27,894,058
			Earnings / (loss) per share using weighted average number of ordinary shares outstanding:(1)
			Basic earnings per ordinary share for continuing operations			$	0.31					$	0.26
			Basic earnings / (loss) per ordinary share for discontinued operations			$	0.21					$	(0.04)
			Basic earnings per ordinary share			$	0.52					$	0.23
			Diluted earnings per ordinary share for continuing activities			$	0.31					$	0.26
			Diluted earnings / (loss) per ordinary share for discontinued operations			$	0.21					$	(0.04)
			Diluted earnings per ordinary share			$	0.52					$	0.22

(1) The calculation of earnings per share is performed separately for continuing and discontinued operations. As a result, the sum of the two in any particular period may not equal the earnings-per-share amount in total.

In the first quarter of 2020, basic average shares outstanding and diluted average shares outstanding were the same for discontinued operations because the effect of potential shares of common stock was anti-dilutive since the Company generated a net loss from discontinued operations. As a result, 453,635 shares combined were not included in the computation of diluted EPS for discontinued operations for the first quarter of 2020.

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- References

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- Definition

The entire disclosure for earnings per share.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109243012&loc=SL65017193-207537

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-URI http://asc.fasb.org/topic&trid=2144383

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257

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