Earnings Per Share And Shareholder's Equity

12 Months Ended

Dec. 31, 2020

Earnings Per Share and Shareholders' Equity

EARNINGS PER SHARE AND SHAREHOLDERS' EQUITY

Earnings per Share

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


	Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Numerator:
Net income (loss)	$	(162.6)	$	146.1	$	131.0

Denominator:
Weighted average shares outstanding for basic EPS	136.1		136.0		137.8
Dilutive effect of share-based awards*	—		0.5		0.5
Weighted average shares outstanding for diluted EPS	136.1		136.5		138.3

Anti-dilutive share-based awards excluded from computation of diluted EPS*	—		1.5		1.4

* 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

We paid dividends as follows:


	Year Ended
	December 31, 2020		December 31, 2019		December 31, 2018
Dividends paid (in millions)	$	123.9	$	112.4	$	104.9
Dividends paid (per share)	$	0.90	$	0.82	$	0.76

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, availability of distributable reserves, 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 three-year share repurchase plan of up to $2.0 billion (the "2015 Authorization"). Following the expiration of the 2015 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 (the "2018 Authorization"). During the year ended December 31, 2020, we repurchased 3.4 million ordinary shares at an average purchase price of $48.28 per share for a total of $164.2 million under the 2018 Authorization. We did not repurchase any shares during the year ended December 31, 2019. During the year ended December 31, 2018, we repurchased 5.1 million ordinary shares at an average repurchase price of $77.93 per share, for a total of $400.0 million, which were repurchased under the 2015 Authorization.