Earnings Per Share And Shareholder's Equity

12 Months Ended

Dec. 31, 2022

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, 2022		December 31, 2021		December 31, 2020
Numerator:
Income (loss) from continuing operations	(130.9)		(130.9)		44.2
Income (loss) from discontinued operations, net of tax	(9.7)		62.0		(206.8)
Net income (loss)	$	(140.6)	$	(68.9)	$	(162.6)

Denominator:
Weighted average shares outstanding for basic EPS	134.5		133.6		136.1
Dilutive effect of share-based awards*	—		—		1.1
Weighted average shares outstanding for diluted EPS	134.5		133.6		137.2

*In the period of a loss from continuing operations, 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.

Our common equity has traded on the New York Stock Exchange under the symbol PRGO since June 6, 2013. Prior to that, our common equity traded on the Nasdaq Global Select Market under the same symbol. Our common equity was also traded on the Tel Aviv Stock Exchange (“TASE”) under the same symbol between March 16, 2005 and February 23, 2022, when we voluntarily delisted from trading in connection with the Rx business divestiture.

Dividends

We paid dividends as follows:


	Year Ended
	December 31, 2022		December 31, 2021		December 31, 2020
Dividends paid (in millions)	$	142.4	$	129.6	$	123.9
Dividends paid (per share)	$	1.04	$	0.96	$	0.90

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 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"). We did not purchase any shares during the years ended December 31, 2022 and December 31, 2021. 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. As of December 31, 2022 the approximate value of shares available for purchase under the 2018 Authorization was $835.8 million.