Earnings Per Share
Basic and diluted earnings per share were calculated as follows:
 Years ended December 31
In millions, except per share data202520242023
Net income from continuing operations$428.5 $240.8 $459.7 
Income from discontinued operations, net of tax281.7 91.0 107.4 
Net income $710.2 $331.8 $567.1 
Weighted-average ordinary shares outstanding
Basic162.4 165.5 165.6 
Dilutive impact of stock options, restricted stock units and performance share units2.2 2.7 2.6 
Diluted164.6 168.2 168.2 
Earnings per ordinary share
Basic
Continuing operations$2.63 $1.45 $2.78 
Discontinued operations1.73 0.55 0.64 
Basic earnings per ordinary share$4.36 $2.00 $3.42 
Diluted
Continuing operations$2.60 $1.43 $2.73 
Discontinued operations1.71 0.54 0.64 
Diluted earnings per ordinary share$4.31 $1.97 $3.37 
Anti-dilutive stock options excluded from the calculation of diluted earnings per share0.0 0.3 0.3 

Historical Timeline

Fiscal YearFiled
2025Feb 17, 2026Showing above
2024Feb 18, 2025
2023Feb 20, 2024
2022Feb 28, 2023
2021Feb 25, 2022
2020Feb 23, 2021
2019Feb 25, 2020
2018Feb 19, 2019

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.