Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.22.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2022
Accounting Policies [Abstract]  
Schedule of Useful Lives of Assets

Property, plant and equipment is stated at cost less accumulated depreciation. Expenditures for repairs and improvements that significantly add to the productive capacity or extend the useful life of an asset are capitalized. Repairs and maintenance are expensed as incurred. Depreciation is computed using the straight-line method generally over the following useful lives:

 

 

 

Years

Machinery and equipment

 

3 - 12

Office furniture and equipment

 

2 - 10

Buildings

 

30 - 40

Building and land improvements

 

5 - 20

Leasehold improvements

 

2 - 10
Computation of basic and diluted earnings per common share

The following table presents the computation of basic and diluted earnings per common share (in millions except per share data):

 

 

December 31, 2022

 

 

January 1, 2022

 

 

January 2, 2021

 

Net income

 

$

98.4

 

 

$

104.6

 

 

$

14.2

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding - Basic

 

 

32.5

 

 

 

32.3

 

 

 

32.1

 

Net effect of dilutive securities - Stock based compensation

 

 

0.1

 

 

 

0.2

 

 

 

0.1

 

Weighted average shares outstanding - Diluted

 

 

32.6

 

 

 

32.5

 

 

 

32.2

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

Basic

 

$

3.03

 

 

$

3.24

 

 

$

0.44

 

Diluted

 

$

3.02

 

 

$

3.22

 

 

$

0.44