ASPEN INSURANCE HOLDINGS LTD Earnings Per Share Disclosure
Twelve Months Ended December 31, | ||||||||||||
2018 | 2017 | 2016 | ||||||||||
Net (loss)/income | $ | (145.8 | ) | $ | (266.4 | ) | $ | 203.4 | ||||
Preference share dividends | (30.5 | ) | (36.2 | ) | (41.8 | ) | ||||||
Preference share redemption costs (1) | — | (8.0 | ) | — | ||||||||
Net profit attributable to non-controlling interest | (1.0 | ) | (1.3 | ) | (0.1 | ) | ||||||
Basic and diluted net (loss)/income available to ordinary shareholders | $ | (177.3 | ) | $ | (311.9 | ) | $ | 161.5 | ||||
Ordinary shares: | ||||||||||||
Basic weighted average ordinary shares | 59,655,507 | 59,753,886 | 60,478,740 | |||||||||
Weighted average effect of dilutive securities (2) (3) | — | — | 1,381,949 | |||||||||
Total diluted weighted average ordinary shares | 59,655,507 | 59,753,886 | 61,860,689 | |||||||||
(Loss) Earnings per ordinary share: | ||||||||||||
Basic | $ | (2.97 | ) | $ | (5.22 | ) | $ | 2.67 | ||||
Diluted (3) | $ | (2.97 | ) | $ | (5.22 | ) | $ | 2.61 | ||||
(1) | The $8.0 million deduction from net income in 2017 is attributable to the reclassification from additional paid-in capital to retained earnings representing the difference between the capital raised upon issuance of the 7.401% Preference Shares and 7.250% Preference Shares, net of issuance costs, and the final redemption costs of $293.2 million. |
(2) | Dilutive securities consist of employee restricted share units and performance shares associated with the Company’s long term incentive plan, employee share purchase plans and director restricted stock units and options as described in Note 17. |
(3) | The basic and diluted number of ordinary shares is the same in 2018 and 2017 because the inclusion of dilutive securities in a loss making period would be anti-dilutive. |
Dividend | Payable on: | Record Date: | ||||||
5.95% Preference Shares | $ | 0.3719 | April 1, 2019 | March 15, 2019 | ||||
5.625% Preference Shares | $ | 0.3516 | April 1, 2019 | March 15, 2019 | ||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2018 | Feb 13, 2019 | Showing above |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 22, 2017 | |
| 2015 | Feb 19, 2016 | |
About Earnings Per Share Disclosures
The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.
Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.