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Earnings Per Share
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share
Earnings Per Share
 
The following table reconciles net income and the weighted average ordinary shares outstanding for basic and diluted earnings per share for the periods presented:
 
 
Years ended December 31,
(In millions)
2016
 
2015
 
2014
Income from continuing operations, net of taxes
$
603.5

 
$
1,337.5

 
$
3,282.8

(Loss)/ gain from discontinued operations1 
(276.1
)
 
(34.1
)
 
122.7

Numerator for basic and diluted earnings per share
327.4

 
1,303.4

 
3,405.5

 
 
 
 
 
 
Weighted average number of shares:
 
 
 
 
 
Basic
770.1

 
590.4

 
586.7

Effect of dilutive shares:
 

 
 

 
 

Share-based awards to employees
6.1

 
2.7

 
4.6

Diluted
776.2

 
593.1

 
591.3

 
 
 
 
 
 
Earnings per ordinary share - basic
 

 
 

 
 
Earnings from continuing operations
0.78

 
2.27

 
5.60

(Loss)/gain from discontinued operations
(0.35
)
 
(0.06
)
 
0.21

Earnings per ordinary share - basic
0.43

 
2.21

 
5.81

 
 
 
 
 
 
Earnings per ordinary share - diluted
 

 
 

 
 

Earnings from continuing operations
0.77

 
2.26

 
5.55

(Loss)/gain from discontinued operations
(0.35
)
 
(0.06
)
 
0.21

Earnings per ordinary share  - diluted
0.42

 
2.20

 
5.76



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:
 
  
2016
 
2015
 
2014
(In millions)
 Number of shares
 
Number of shares
 
 Number of shares
Share-based awards to employees
4.1

 
3.4

 
0.3


Certain stock options have been excluded from the calculation of diluted EPS because (a) their exercise prices exceeded Shire’s average share price during the calculation period or (b) the required performance conditions were not satisfied as of the balance sheet date.