Earnings Per Share

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



	Years ended December 31,
(In millions)	2017		2016			2015
Income from continuing operations, net of taxes	$	4,253.5	$	603.5		$	1,337.5
Gain/(loss) from discontinued operations, net of taxes	18.0		(276.1		)	(34.1		)
Numerator for basic and diluted earnings per share	$	4,271.5	$	327.4		$	1,303.4

Weighted average number of shares:
Basic	906.5		770.1			590.4
Effect of dilutive shares:
Share-based awards to employees	5.5		6.1			2.7
Diluted	912.0		776.2			593.1

Earnings per Ordinary Share – basic
Earnings from continuing operations	4.69		0.78			2.27
Earnings/(loss) from discontinued operations	0.02		(0.35		)	(0.06		)
Earnings per Ordinary Share – basic	4.71		0.43			2.21

Earnings per Ordinary Share – diluted
Earnings from continuing operations	4.66		0.77			2.26
Earnings/(loss) from discontinued operations	0.02		(0.35		)	(0.06		)
Earnings per Ordinary Share – diluted	4.68		0.42			2.20

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:



	Years ended December 31,
(Number of shares in millions)	2017	2016	2015
Share-based awards to employees	15.2	4.1	3.4

Certain stock options have been excluded from the calculation of diluted EPS for the years ended December 31, 2017, 2016 and 2015 because either their exercise prices exceeded Shire’s average share price during the calculation period, the required performance conditions were not satisfied as of the balance sheet date or their inclusion would have been antidilutive.