Earnings (Loss) Per Share

12 Months Ended

Dec. 31, 2016

EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY

Earnings per Share

A reconciliation of the numerators and denominators used in our basic and diluted EPS calculation is as follows (in millions):



	Year Ended			Six Months Ended		Year Ended
	December 31, 2016			December 31, 2015		June 27, 2015		June 28, 2014
				Restated		Restated		Restated
Numerator:
Net income (loss)	$	(4,012.8	)	$	42.5	$	136.1	$	232.8

Denominator:
Weighted average shares outstanding for basic EPS	143.3			145.6		139.3		115.1
Dilutive effect of share-based awards*	—			0.5		0.5		0.5
Weighted average shares outstanding for diluted EPS	143.3			146.1		139.8		115.6

Anti-dilutive share-based awards excluded from computation of diluted EPS*	—			0.1		0.1		0.1

* In the period of a net loss, diluted shares equal basic shares.

Shareholders' Equity

On and prior to December 18, 2013, our common stock consisted of common stock of Perrigo Company, a Michigan Corporation, and since December 19, 2013, our common stock has consisted of ordinary shares of Perrigo Company plc, a public limited company incorporated under the laws of Ireland.

Prior to June 6, 2013, our common stock traded on the NASDAQ Global Select Market under the symbol PRGO. Since June 6, 2013, our ordinary shares have traded on the New York Stock Exchange under the symbol PRGO. In association with the acquisition of Agis Industries (1983) Ltd., our ordinary shares have been trading on the Tel Aviv Stock Exchange since March 16, 2005.

Dividends

In January 2003, the Board of Directors adopted a policy of paying quarterly dividends. We paid dividends as follows:



	Year Ended		Six Months Ended		Year Ended
	December 31, 2016		December 31, 2015		June 27, 2015		June 28, 2014
Dividends paid (in millions)	$	83.2	$	36.3	$	64.8	$	46.1
Dividends paid per share	$	0.58	$	0.25	$	0.46	$	0.39

The declaration and payment of dividends and the amount paid, if any, are subject to the discretion of the Board of Directors and depend on our earnings, financial condition, capital and surplus requirements and other factors the Board of Directors may consider relevant.

Share Repurchases

On October 22, 2015, the Board of Directors approved a share repurchase plan of up to $2.0 billion, of which $1.5 billion is still available to be repurchased through December 31, 2018. During the six months ended December 31, 2015, we repurchased 3.3 million ordinary shares at an average repurchase price of $151.59 per share, for a total of $500.0 million. We did not repurchase any shares under the share repurchase plan during the year ended December 31, 2016.