Earnings Per Share

9 Months Ended

Sep. 30, 2016

The following table reconciles net income and loss and the weighted average ordinary shares outstanding for basic and diluted earnings per share for the periods presented:



	Three Months Ended September 30,						Nine Months Ended September 30,
(in millions)	2016			2015			2016			2015
(Loss)/Income from continuing operations, net of taxes	$	(368.5	)	$	477.1		$	127.6		$	1,054.1
Loss from discontinued operations	(18.3		)	(24.3		)	(257.5		)	(31.3		)
Numerator for basic and diluted (loss)/earnings per share	$	(386.8	)	$	452.8		$	(129.9	)	$	1,022.8

Weighted average number of shares:
Basic	900.2			590.9			725.5			590.2
Effect of dilutive shares:
Share-based awards to employees	—			2.5			—			3.0
Diluted	900.2			593.4			725.5			593.2

Weighted average number of basic shares excludes shares purchased by the Employee Benefit Trust and those under the shares buy-back program, which are both presented by Shire as treasury stock. Share-based awards to employees are calculated using the treasury method.

The share equivalents not included in the calculation of the diluted weighted average number of shares are shown below:



	Three Months Ended September 30,		Nine Months Ended September 30,
(in millions)	2016 No. of shares	2015 No. of shares	2016 No. of shares	2015 No. of shares
Share-based awards to employees	14.6	3.9	9.7	3.3

Certain stock options have been excluded from the calculation of diluted Earnings per Share (“EPS”) for the three and nine months ended September 30, 2015 because either their exercise prices exceeded Shire’s average share price during the calculation period or the required performance conditions were not satisfied as of the balance sheet date.

Stock options for the three and nine months ended September 30, 2016 have been excluded from the calculation of diluted EPS because the inclusion of these shares would have been antidilutive.