Shareholders' equity

12 Months Ended

Dec. 31, 2019

Our authorized capital is comprised of 200 million common shares, $1 par value, and 500,000 preference shares. No preference shares have been outstanding during the last three years.

Basic earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed in the same manner except that the weighted average number of shares is increased to include dilutive securities. The following table provides a reconciliation of basic to diluted weighted average shares outstanding:


	2019	2018	2017
	(Shares in thousands)
Basic	46,200	45,689	45,004
Dilutive effect of share based awards	890	970	923
Dilutive effect of convertible notes and warrants	—	142	737
Diluted	47,090	46,801	46,664

Weighted average shares that were antidilutive and therefore excluded from the calculation of diluted earnings per share were 0.1 million, 0.6 million and 0.6 million for the years ended December 31, 2019, 2018 and 2017, respectively.

In connection with our 2010 issuance of $400 million principal amount of convertible notes that matured in August 2017, and as a component of hedging arrangements between Teleflex and two institutional counterparties, we issued warrants to the counterparties, entitling them to purchase shares of our common stock. At December 31, 2018, all of the warrants were either (a) canceled as a result of warrant unwind agreements between Teleflex and the counterparties or (b) exercised by the counterparties.

The following tables provides information relating to the changes in accumulated other comprehensive income (loss), net of tax, for the years ended December 31, 2019 and 2018:


	Cash Flow Hedges		Pension and Other Postretirement Benefit Plans		Foreign Currency Translation Adjustment		Accumulated Other Comprehensive Income (Loss)
	(Dollars in thousands)
Balance at December 31, 2017	$	340	$	(138,808)	$	(126,623)	$	(265,091)
Other comprehensive income (loss) before reclassifications	2,574		1,605		(83,889)		(79,710)
Amounts reclassified from accumulated other comprehensive income (loss)	(2,107)		5,823		—		3,716
Net current-year other comprehensive income (loss)	467		7,428		(83,889)		(75,994)

Balance at December 31, 2018	807		(131,380)		(210,512)		(341,085)
Other comprehensive income (loss) before reclassifications	1,062		(12,811)		4,195		(7,554)
Amounts reclassified from accumulated other comprehensive (loss) income	(1,134)		5,381		—		4,247
Net current-year other comprehensive (loss) income	(72)		(7,430)		4,195		(3,307)

Balance at December 31, 2019	$	735	$	(138,810)	$	(206,317)	$	(344,392)

The following table provides information relating to the losses (gains) recognized in the statements of income including the reclassifications of losses (gains) in accumulated other comprehensive (loss) income into expense/(income), net of tax, for the years ended December 31, 2019, 2018 and 2017:


	Year Ended December 31,
	2019		2018		2017
	(Dollars in thousands)
Losses (gains) on designated foreign exchange forward contracts:
Cost of goods sold	$	(1,284)	$	(2,270)	$	(95)
Total before tax	(1,284)		(2,270)		(95)
Taxes expense (benefit)	150		163		84
Net of tax	$	(1,134)	$	(2,107)	$	(11)





Amortization of pension and other postretirement benefits items:
Actuarial losses₍₁₎	$	6,930	$	7,305	$	6,904
Prior-service credits ₍₁₎	82		251		105

Total before tax	7,012		7,556		7,009
Tax benefit	(1,631)		(1,733)		(2,496)
Net of tax	$	5,381	$	5,823	$	4,513
Impact on income from continuing operations, net of tax	$	4,247	$	3,716	$	4,502

(1)These accumulated other comprehensive (loss) income components are included in the computation of net benefit cost of pension and other postretirement benefit plans (see Note 16 for additional information).

Supplemental cash flow information


	Year Ended December 31,
	2019		2018		2017
	(Dollars in thousands)
Non cash investing and financing activities of continuing operations:
Settlement and exchange of convertible notes with common or treasury stock	$	—	$	—	$	53,207
Acquisition of treasury stock from settlement and exchange of convertible note hedge and warrants	$	—	$	56,075	$	141,405