Common Shares

12 Months Ended

Mar. 31, 2019

Notes To Financial Statements [Abstract]

Ordinary Shares

In connection with the Redomiciliation, STERIS UK shareholders exchanged their shares of stock in STERIS UK for STERIS Ireland shares of stock pursuant to a cancellation scheme of arrangement under UK law. Each STERIS UK ordinary shareholder received one ordinary share, par value $75.00, of STERIS Ireland for each STERIS UK ordinary share held. The par value of these shares was subsequently reduced to $0.001 per share, as described further in note 21 to our Consolidated Financial Statements titled, "Subsequent Events."

We calculate basic earnings per share based upon the weighted average number of shares outstanding. We calculate diluted earnings per share based upon the weighted average number of shares outstanding plus the dilutive effect of share equivalents calculated using the treasury stock method. The following is a summary of shares and share equivalents outstanding used in the calculations of basic and diluted earnings per share:



Years ended March 31,	2019	2018	2017
Denominator (shares in thousands):
Weighted average shares outstanding—basic	84,577	85,028	85,473
Dilutive effect of share equivalents	891	685	621
Weighted average shares outstanding and share equivalents—diluted	85,468	85,713	86,094

Options to purchase the following number of shares were outstanding but excluded from the computation of diluted earnings per share because the combined exercise prices, unamortized fair values, and assumed tax benefits upon exercise were greater than the average market price for the shares during the periods, so including these options would be anti-dilutive:



Years ended March 31,	2019	2018	2017
Number of ordinary share options (shares in thousands)	352	393	576

Preferred Shares

Pursuant to an engagement letter dated October 23, 2015, we issued 100,000 preferred shares, par value of £0.10 each, for an aggregate consideration of approximately $15, in satisfaction of debt owed to a service provider. The holders of the preferred shares were entitled to a fixed cumulative preferential annual dividend of 5 percent on the amount paid periodically on the preferred shares respectively held by them. The shares were redeemed in connection with the Redomiciliation that occurred on March 28, 2019 and the holders of the preferred shares received £0.10 per preferred share plus accrued but unpaid dividends, and will not be entitled to any further participation in the assets of the Company.

Additional Authorized Shares

STERIS Ireland has an additional authorized share capital of 50,000,000 preferred shares of $0.001 each, plus €25,000 divided into 25,000 deferred ordinary shares of €1.00 each, in order to satisfy minimum statutory capital requirements for all Irish public limited companies.