Earnings Per Share

9 Months Ended

Sep. 30, 2022

Earnings Per Share

Earnings Per Share

NOTE 19—EARNINGS PER SHARE

Basic earnings per ordinary share (“basic EPS”) is computed by dividing net income available to ordinary shareholders by the weighted average number of the Company’s ordinary shares outstanding for the applicable period. Diluted earnings per ordinary share (“diluted EPS”) is calculated using net income available to ordinary shareholders divided by diluted weighted average ordinary shares outstanding during each period, which includes unvested RSUs, option awards, and PSUs. Diluted EPS considers the impact of potentially dilutive securities except in periods in which there is a loss from continuing operations because the inclusion of the potential ordinary shares would have an anti-dilutive effect.

The following table presents basic EPS and diluted EPS for the three and nine months ended September 30, 2022 and 2021.

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(in millions, except per share data)	2022		2021		2022		2021
Earnings:
Net income (loss) from continuing operations	$	(117.9)	$	79.4	$	(63.7)	$	278.2
Net income (loss) from discontinued operations		(1.9)		13.7		(1.9)		38.0
Net income (loss)	$	(119.8)	$	93.1	$	(65.6)	$	316.2
Shares:
Weighted average ordinary shares outstanding		35.2		38.8		36.3		38.7
Dilutive effect of RSUs, option awards, and PSUs(1)		—		0.7		—		0.9
Diluted weighted average ordinary shares outstanding		35.2		39.5		36.3		39.6
Income (loss) per share:
Income (loss) per share—basic:
Continuing operations	$	(3.35)	$	2.04	$	(1.76)	$	7.19
Discontinued operations		(0.06)		0.35		(0.05)		0.98
Income (loss) per share—basic	$	(3.41)	$	2.39	$	(1.81)	$	8.17
Income (loss) per share—diluted:
Continuing operations	$	(3.35)	$	2.01	$	(1.76)	$	7.03
Discontinued operations		(0.06)		0.35		(0.05)		0.96
Income (loss) per share—diluted	$	(3.41)	$	2.36	$	(1.81)	$	7.99

(1) Refer to Note 15 for discussion of RSUs, option awards, and PSUs granted to certain Company directors and employees. As the Company recorded a net loss from continuing operations for the three and nine months ended September 30, 2022, potential shares related to equity-based awards have been excluded from the calculation of diluted EPS, as doing so would be anti-dilutive. There were 0.6 million anti-dilutive shares that have been excluded from the computation of diluted earnings per share for the three and nine months ended September 30, 2021.