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NET EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2022
Earnings Per Share [Abstract]  
NET EARNINGS PER SHARE
NOTE 10. NET EARNINGS PER SHARE
Basic net EPS is calculated by dividing net earnings attributable to common stockholders by the weighted average number of shares of common stock outstanding for the applicable period. Diluted EPS is similarly calculated, except that the calculation includes the dilutive effect of the assumed conversion of Convertible Notes and associated issuance of shares under the if-converted method and the assumed issuance of shares under stock-based compensation plans under the treasury stock method, except where the inclusion of such shares would have an anti-dilutive impact. Anti-dilutive options excluded from the diluted EPS calculation for the three and nine month periods ended September 30, 2022 were both 7.3 million, and were 0.2 million and 0.3 million for the three and nine month periods ended October 1, 2021, respectively.
As described in Note 5, upon conversion of the Convertible Notes, holders were entitled to receive cash, shares of our common stock, or a combination thereof, at our election. As described in Note 1, prior to our adoption of ASU 2020-06 on January 1, 2022, we accounted for the conversion feature under the treasury stock method in our calculation of EPS since we intended and had the ability to settle such conversions through cash up to the principal amount of the Convertible Notes and, if applicable, through shares of our common stock for conversion value, if any, in excess of the principal amount of the Convertible Notes. Because the fair value of our common stock was below the conversion price, the Convertible Notes had no impact on our earnings per share for the nine month period ended October 1, 2021. Upon adopting ASU 2020-06 on January 1, 2022, we accounted for the Convertible Notes under the if-converted method in our calculation of diluted EPS, as required under the new guidance.
On July 1, 2021, all outstanding shares of our 5.0% Mandatory Convertible Preferred Stock (“MCPS”) converted at a rate of 14.0978 common shares per share of preferred stock into an aggregate of approximately 19.4 million shares (net of fractional shares) of the Company’s common stock, pursuant to the terms of the Certificate of Designation governing the Series A Preferred Stock. Fortive issued cash in lieu of fractional shares of common stock in the conversion. These payments were recorded as a reduction to additional paid-in capital. The impact of the MCPS calculated under the if-converted method was anti-dilutive for the periods in 2021 prior to conversion.
Information related to the calculation of net earnings per share of common stock is summarized as follows ($ and shares in millions, except per share amounts):
Three Months EndedNine Months Ended
 September 30, 2022October 1, 2021September 30, 2022October 1, 2021
Numerator
Net earnings from continuing operations$189.9 $152.6 $528.0 $446.3 
Mandatory convertible preferred stock cumulative dividends— — — (34.5)
Convertible note interest add-back (if converted method)— — 1.8 — 
Diluted Net Earnings from Continuing Operations$189.9 $152.6 $529.8 $411.8 
Denominator
Weighted average common shares outstanding used in basic earnings per share355.2 358.9 357.3 345.6 
Incremental common shares from:
Assumed exercise of dilutive options and vesting of dilutive Stock Awards2.7 3.3 2.6 3.2 
Conversion of convertible notes (if converted method)— — 2.1 — 
Weighted average common shares outstanding used in diluted earnings per share357.9 362.2 362.0 348.8 
Net earnings from continuing operations per common share - Basic$0.53 $0.42 $1.48 $1.19 
Net earnings from continuing operations per common share - Diluted$0.53 $0.42 $1.46 $1.18 
We declared and paid cash dividends per common share for the periods as presented below. We declared and paid the MCPS dividend in the first quarter of 2021, and declared and paid the final dividend in the second quarter of 2021.
Dividend Per
Common Share		Amount
($ in millions)		Dividend per MCPSAmount
($ in millions)
2022:
First quarter$0.07 $25.1 $— $— 
Second quarter0.07 24.9 — — 
Third quarter0.07 24.8 — — 
Total$0.21 $74.8 $— $— 
2021:
First quarter$0.07 $23.7 $12.5 $17.3 
Second quarter0.07 23.7 12.5 17.2 
Third quarter0.07 25.2 — — 
Total$0.21 $72.6 $25.0 $34.5 
* The sum of the components of total dividends paid may not equal the total amount due to rounding.
Share Repurchase ProgramOn February 17, 2022, the Company's Board of Directors approved a share repurchase program authorizing the Company to repurchase up to 20 million shares of the Company's outstanding common stock from time to time on the open market or in privately negotiated transactions. There is no expiration date for the repurchase program, and the timing and amount of repurchases under the program are determined by the Company's management based on market conditions and other factors. The repurchase program may be suspended or discontinued at any time by the Board of Directors. As of September 30, 2022, there were 14.0 million shares remaining for repurchase under the program.