Earnings Per Share and Shareholders' Equity

9 Months Ended

Sep. 28, 2019

Earnings Per Share and Shareholders' Equity

EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY

Earnings per Share

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



	Three Months Ended					Nine Months Ended
	September 28, 2019		September 29, 2018			September 28, 2019		September 29, 2018
Numerator:
Net income (loss)	$	92.2	$	(67.5	)	$	165.1	$	49.6

Denominator:
Weighted average shares outstanding for basic EPS	136.0		137.4			136.0		138.5
Dilutive effect of share-based awards*	0.8		—			0.4		0.5
Weighted average shares outstanding for diluted EPS	136.8		137.4			136.4		139.0

Anti-dilutive share-based awards excluded from computation of diluted EPS*	1.5		—			1.8		1.2

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

Shareholders' Equity

Share Repurchases

Following the expiration of our 2015 share repurchase plan authorization, in October 2018, our Board of Directors authorized up to $1.0 billion of share repurchases with no expiration date, subject to the Board of Directors’ approval of the pricing parameters and amount that may be repurchased under each specific share repurchase program. We did not repurchase any shares during the three and nine months ended September 28, 2019. During the three and nine months ended September 29, 2018, we repurchased 1.8 million and 5.1 million ordinary shares at an average repurchase price of $73.46 and $77.93 per share, for a total of $135.0 million and $400.0 million, respectively.