Earnings per Share

3 Months Ended

Mar. 31, 2022

Earnings Per Share

Basic net earnings per ordinary share from continuing operations (“EPS”) is calculated by taking Net income (loss) available to ordinary shareholders divided by the weighted average number of ordinary shares outstanding for the applicable period. Diluted net EPS is computed by taking net earnings adjusted for the effect of the fair value of Private Placement Warrants divided by the weighted average number of ordinary shares outstanding increased by the number of additional shares which have a dilutive effect.

Potential ordinary shares on a gross basis of 26.9 million and 26.9 million of options, RSUs, and PSUs related to the 2019 Incentive Award Plan were excluded from diluted EPS for the three months ended March 31, 2022 and 2021, respectively, as their inclusion would have been anti-dilutive or their performance metric was not met. See Note 13 - Shareholders’ Equity and Note 14 - Share-based Compensation for additional information.

The potential dilutive effect of our MCPS outstanding during the period was calculated using the if-converted method assuming the conversion as of the earliest period reported or at the date of issuance, if later. The resulting weighted ordinary shares of 55.3 million related to our MCPS are not included in the dilutive weighted-average ordinary shares outstanding calculation for the three months ended March 31, 2022, as their effect would be anti-dilutive.

The basic and diluted EPS computations for our ordinary shares are calculated as follows:


	Three Months Ended March 31,
	2022		2021
Basic/Diluted EPS
Net income (loss) available to ordinary shareholders	$	69.5	$	(56.0)
Dividends on preferred shares	18.7		0.0
Net income (loss) attributable to ordinary shares	$	50.8	$	(56.0)

Basic weighted-average number of ordinary shares outstanding	682.5		602.3
Basic EPS	$	0.07	$	(0.09)

Diluted EPS
Net income (loss) attributable to ordinary shares	$	50.8	$	(56.0)
Change in fair value of private placement warrants	(94.9)		(51.2)
Net loss attributable to ordinary shares, diluted	$	(44.1)	$	(107.2)

Denominator:
Shares used in computing net loss attributable to per share to ordinary shareholders, basic	682.5		602.3
Weighted-average effect of potentially dilutive shares to purchase ordinary shares	5.5		10.3
Diluted weighted-average number of ordinary shares outstanding	688.0		612.6
Diluted EPS	$	(0.06)	$	(0.17)