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, 2017		December 31, 2016			December 31, 2015		June 27, 2015
Numerator:
Net income (loss)	$	119.6	$	(4,012.8	)	$	42.5	$	136.1

Denominator:
Weighted average shares outstanding for basic EPS	142.3		143.3			145.6		139.3
Dilutive effect of share-based awards*	0.3		—			0.5		0.5
Weighted average shares outstanding for diluted EPS	142.6		143.3			146.1		139.8

Anti-dilutive share-based awards excluded from computation of diluted EPS*	0.8		—			0.1		0.1

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

Shareholders' Equity

Our common stock consists of ordinary shares of Perrigo Company plc, a public limited company incorporated under the laws of Ireland.

We trade our ordinary shares on the New York Stock Exchange under the symbol PRGO. Our ordinary shares are also traded on the Tel Aviv Stock Exchange.

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, 2017		December 31, 2016		December 31, 2015		June 27, 2015
Dividends paid (in millions)	$	91.1	$	83.2	$	36.3	$	64.8
Dividends paid (per share)	$	0.64	$	0.58	$	0.25	$	0.46

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

In October 2015, the Board of Directors approved a share repurchase plan of up to $2.0 billion (the "2015 Authorization"). We did not repurchase any shares under the share repurchase plan during the three months ended December 31, 2017. During the year ended December 31, 2017, we repurchased 2.7 million ordinary shares at an average repurchase price of $71.72 per share, for a total of $191.5 million. We did not repurchase any shares under the share repurchase plan during the year ended December 31, 2016. 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.