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Earnings per share (Tables)
 6 Months Ended
Jun. 30, 2019
Earnings per share  
Schedule of computation of basic and diluted earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended

 

For the six months ended

 

 

June 30, 

 

June 30, 

(Millions, except share and per share information)

    
2019

    
2018

    
2019

    
2018

Basic earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

  

 

 

  

 

 

  

 

 

  

Net income

 

$

8.2

 

$

98.2

 

$

112.3

 

$

141.5

Less: Income attributable to non-controlling interests

 

 

(0.8)

 

 

(0.4)

 

 

(1.2)

 

 

(0.6)

Less: Change in carrying value of Series B preference shares

 

 

(0.8)

 

 

 —

 

 

(9.2)

 

 

 —

Less: Accrued dividends on Series A redeemable preference shares

 

 

 —

 

 

 —

 

 

 —

 

 

(2.6)

Net income available for dividends out of undistributed earnings

 

$

6.6

 

$

97.8

 

$

101.9

 

$

138.3

Less: Earnings attributable to Series B preference shares

 

 

(0.6)

 

 

 —

 

 

(9.5)

 

 

 —

Less: Earnings attributable to Series A redeemable preference shares

 

 

 —

 

 

(4.0)

 

 

 —

 

 

(5.7)

Net income available to Sirius Group common shareholders

 

$

6.0

 

$

93.8

 

$

92.4

 

$

132.6

Denominator:

 

 

 

 

 

  

 

 

  

 

 

  

Weighted average shares outstanding for basic earnings per share

 

 

115,243,685

 

 

120,000,000

 

 

115,212,772

 

 

120,000,000

Basic earnings per share

 

$

0.05

 

$

0.78

 

$

0.80

 

$

1.11

Diluted earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income available to Sirius Group common shareholders

 

$

6.0

 

$

93.8

 

$

92.4

 

$

132.6

Add: Change in carrying value of Series B preference shares

 

 

 —

 

 

 —

 

 

9.2

 

 

 —

Net income available to Sirius Group common shareholders on a diluted basis

 

$

6.0

 

$

93.8

 

$

101.6

 

$

132.6

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares outstanding for basic earnings per share

 

 

115,243,685

 

 

120,000,000

 

 

115,212,772

 

 

120,000,000

Add: Series B preference shares

 

 

 —

 

 

 —

 

 

11,901,670

 

 

 —

Add: Unvested performance share units and restricted share units

 

 

552,682

 

 

 —

 

 

427,960

 

 

 —

Weighted average shares outstanding for diluted earnings per share(1)

 

 

115,796,367

 

 

120,000,000

 

 

127,542,402

 

 

120,000,000

Diluted earnings per share

 

$

0.05

 

$

0.78

 

$

0.80

 

$

1.11

 

(1) For the three months ended June 30, 2019, there were a total of 30,933,781 potentially dilutive securities excluded from the calculation of Diluted earnings per share. For the six months ended June 30, 2019, there were a total of 19,156,833 potentially dilutive securities excluded from the calculation of Diluted earnings per share. As at June 30, 2018, there were no potentially dilutive securities excluded from the calculation of Diluted earnings per share.