XML 41 R27.htm IDEA: XBRL DOCUMENT v3.8.0.1
Computation of Earnings Per Ordinary Share and Ordinary Share Equivalent
 12 Months Ended
Dec. 31, 2017
Earnings Per Share [Abstract]  
Computation of earnings per ordinary share and ordinary share equivalent
Computation of Earnings Per Common Share and Common Share Equivalent
As a result of the Redomestication discussed in Note 1(a), "Significant Accounting Policies - Basis of Preparation and Consolidation," prior to July 25, 2016, share information relates to the ordinary shares of XL-Ireland. On and subsequent to July 25, 2016, share information relates to the XL Group shares.
The following table sets forth the computation of basic and diluted earnings per common share for the years ended December 31, 2017, 2016 and 2015:
(U.S. dollars in thousands, except per share amounts)
2017
 
2016
 
2015
Basic earnings per common share & common share equivalents outstanding:
 
 
Net income (loss) attributable to common shareholders
$
(560,398
)
 
$
440,968

 
$
1,207,152

Weighted average common shares outstanding - basic
259,894

 
278,957

 
286,194

Basic earnings per common share and common share equivalents outstanding
$
(2.16
)
 
$
1.58

 
$
4.22

 
 
 
 
 
 
Diluted earnings per common share & common share equivalents outstanding:
 
 
Weighted average common shares outstanding – basic
259,894

 
278,957

 
286,194

Impact of share-based compensation
—

 
3,801

 
4,805

Weighted average common shares outstanding – diluted
259,894

 
282,758

 
290,999

Diluted earnings per common share & common share equivalents outstanding (1)
$
(2.16
)
 
$
1.56

 
$
4.15

Dividends per common share
$
0.88

 
$
0.80

 
$
0.72


____________
(1)
Due to the net loss in the period, basic and diluted earnings per common share are calculated using the basic weighted average common shares outstanding for the year ended December 31, 2017. The shares excluded from the calculation amounted to approximately 3.7 million.
For the years ended December 31, 2017, 2016 and 2015, common shares available for issuance under share-based compensation plans noted in the table below were not included in the calculation of diluted earnings per common share because the assumed exercise or issuance of such shares would be anti-dilutive.
(In millions)
2017
 
2016
 
2015
Common shares available for issuance under share-based compensation plans
14.4

 
6.8

 
2.5