Earnings Per Share (EPS)
 9 Months Ended
Oct. 02, 2016
Earnings Per Share (EPS) [Abstract]  
Earnings Per Share (EPS)
Note 2.  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
  
Nine Months Ended
 
  
Oct. 2,
  
Sept. 27,
  
Oct. 2,
  
Sept. 27,
 
  
2016
  
2015
  
2016
  
2015
 
  
(in millions, except per share data)
 
             
Net income attributable to MTI
 
$
41.6
  
$
29.2
  
$
96.7
  
$
91.0
 
                 
Weighted average shares outstanding
  
34.9
   
34.7
   
34.8
   
34.7
 
Dilutive effect of stock options and stock units
  
0.4
   
0.3
   
0.3
   
0.3
 
Weighted average shares outstanding, adjusted
  
35.3
   
35.0
   
35.1
   
35.0
 
                 
Basic earnings per share attributable to MTI
 
$
1.19
  
$
0.84
  
$
2.78
  
$
2.62
 
                 
Diluted earnings per share attributable to MTI
 
$
1.18
  
$
0.83
  
$
2.75
  
$
2.60
 
 
Options to purchase 10,239 shares and 395,545 shares of common stock for the three-month and nine-month periods ended October 2, 2016 and September 27, 2015, 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.