Earnings per Ordinary Share (Tables)

3 Months Ended

Mar. 31, 2017

Computation of Basic and Diluted Earnings per Share

The following table sets forth the computation of basic and diluted earnings per ordinary share for the three months ended March 31, 2017 and 2016, respectively:



	Three Months Ended March 31,
	2017			2016
	($ in millions, except share and per share amounts)

Net income	$	96.5		$	114.4
Preference share dividends	(10.5		)	(9.5		)
Change in redemption value ⁽¹⁾	(2.4		)	—
Net amount attributable to non-controlling interest	(0.1		)	0.2
Basic and diluted net income available to ordinary shareholders	$	83.5		$	105.1
Ordinary shares:
Basic weighted average ordinary shares	59,862,662			60,867,815
Weighted average effect of dilutive securities ⁽²⁾	1,334,110			1,616,123
Total diluted weighted average ordinary shares	61,196,772			62,483,938
Earnings per ordinary share:
Basic	$	1.39		$	1.73
Diluted	$	1.36		$	1.68


⁽¹⁾	The $2.4 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% Perpetual Non-Cumulative Preference Shares, net of issuance costs, and the final redemption costs of $133.2 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 share units as described in Note 14.

Summary of Declared Dividends

Dividends. On April 26, 2017, the Company’s Board of Directors (the “Board of Directors”) declared the following quarterly dividends:



	Dividend		Payable on:	Record Date:
Ordinary shares	$	0.24	May 30, 2017	May 12, 2017
7.250% preference shares	$	0.4531	July 1, 2017	June 15, 2017
5.95% preference shares	$	0.3719	July 1, 2017	June 15, 2017
5.625% preference shares	$	0.3516	July 1, 2017	June 15, 2017