Earnings per Share

9 Months Ended

Sep. 25, 2020


5.			Earnings (Loss) per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the number of weighted-average shares outstanding during the period. Diluted earnings (loss) per share is computed using the weighted-average shares outstanding and, if dilutive, potential ordinary shares outstanding during the period. Potential ordinary shares represent the incremental ordinary shares issuable for restricted share units and share option exercises. The Company calculated the dilutive effect of outstanding restricted share units and share options on earnings per share by application of the treasury stock method. Dilutive securities, including participating securities, are not included in the computation of loss per share when the Company reports a net loss from continuing operations as the impact would be anti-dilutive.

The weighted-average number of shares outstanding used in the computations of basic and diluted earnings (loss) per share were as follows (in millions):


	Three Months Ended		Nine Months Ended
	September 25, 2020	September 27, 2019	September 25, 2020	September 27, 2019
Basic	84.6	84.0	84.4	83.8
Dilutive impact of restricted share units and share options	—	—	—	0.4
Diluted	84.6	84.0	84.4	84.2

The computation of diluted weighted-average shares outstanding for both the three and nine months ended September 25, 2020 excluded approximately 5.8 million shares of equity awards, and for both the three and nine months ended September 27, 2019 excluded approximately 7.1 million shares of equity awards, respectively, because the effect would have been anti-dilutive.