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Earnings per share

3 Months Ended

Mar. 27, 2022

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			2022						2021
			Basic earnings:
			Net income from continuing operations			$	7.7					$	8.6
			Net (loss) / income from discontinued operations			(0.1)						5.9
			Net income			$	7.6					$	14.5
			Weighted average number of £0.50 ordinary shares:
			For basic earnings per share			27,490,741						27,658,871
			Dilutive effect of potential common stock			205,377						398,452
			For diluted earnings per share			27,696,118						28,057,323
			Earnings / (loss) per share using weighted average number of ordinary shares outstanding:(1)
			Basic earnings per ordinary share for continuing operations			$	0.28					$	0.31
			Basic (loss) / earnings per ordinary share for discontinued operations			$	—					$	0.21
			Basic earnings per ordinary share			$	0.28					$	0.52
			Diluted earnings per ordinary share for continuing activities			$	0.28					$	0.31
			Diluted (loss) / earnings per ordinary share for discontinued operations			$	—					$	0.21
			Diluted earnings per ordinary share			$	0.28					$	0.52

(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 2022, 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, 205,377 shares combined were not included in the computation of diluted EPS for discontinued operations for the first quarter of 2022.

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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=124432515&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=124432515&loc=d3e3630-109257

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