Earnings Per Share

6 Months Ended

Jun. 30, 2020

Earnings Per Share

Earnings Per Share

NOTE 18—EARNINGS PER SHARE

Basic earnings per ordinary share (“basic EPS”) is computed by dividing net income available to ordinary shareholders by the weighted average number of the Company’s ordinary shares outstanding for the applicable period. Diluted earnings per ordinary share (“diluted EPS”) is calculated using net income available to ordinary shareholders divided by diluted weighted average ordinary shares outstanding during each period, which includes unvested RSUs, option awards, and PSUs. Diluted EPS considers the impact of potentially dilutive securities except in periods in which there is a loss because the inclusion of the potential ordinary shares would have an anti-dilutive effect.

The following table presents basic EPS and diluted EPS for the three and six months ended June 30, 2020 and 2019:

	Three Months Ended				Six Months Ended
	June 30,				June 30,
(in millions, except per share data)	2020		2019		2020		2019
Earnings:
Net income (loss)	$	(128.4)	$	28.0	$	(164.7)	$	63.8
Shares:
Weighted average ordinary shares outstanding		38.2		40.8		38.4		41.0
Dilutive effect of RSUs, option awards, and PSUs(1)		—		0.3		—		0.5
Diluted weighted average ordinary shares outstanding		38.2		41.1		38.4		41.5
Income (loss) per share:
Income (loss) per share—basic	$	(3.36)	$	0.69	$	(4.29)	$	1.56
Income (loss) per share—diluted	$	(3.36)	$	0.68	$	(4.29)	$	1.54

(1) Refer to Note 13 for discussion of RSUs, option awards, and PSUs granted to certain Company directors and employees. As the Company recorded a net loss for the three and six months ended June 30, 2020, potential shares related to equity-based awards have been excluded from the calculation of diluted EPS, as doing so would be anti-dilutive. The number of anti-dilutive shares that have been excluded from the computation of diluted earnings per share were 0.7 million and 0.8 million for the three and six months ended June 30, 2019, respectively.