Earnings per Ordinary Share

Basic earnings per ordinary share are calculated by dividing net income available to holders of Aspen Holdings’ ordinary shares by the weighted average number of ordinary shares outstanding. Net income available to ordinary shareholders is calculated by deducting preference share dividends and net income/(loss) attributable to non-controlling interest from net income/ (loss) after tax for the period. Diluted earnings per ordinary share are based on the weighted average number of ordinary shares and dilutive potential ordinary shares outstanding during the period of calculation using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per ordinary share for the three and nine months ended September 30, 2017 and 2016, respectively:



	Three Months Ended September 30,						Nine Months Ended September 30,
	2017			2016			2017			2016
	($ in millions, except share and per share amounts)

Net (loss) income	$	(253.8	)	$	95.6		$	(81.5	)	$	274.9
Preference share dividends	(7.7		)	(9.5		)	(28.7		)	(28.4		)
Preference share redemption costs ⁽¹⁾	(5.6		)	—			(8.0		)	—
Net amount attributable to non-controlling interest	(0.6		)	0.2			(0.8		)	—
Basic and diluted net (loss) income available to ordinary shareholders	$	(267.7	)	$	86.3		$	(119.0	)	$	246.5
Ordinary shares:
Basic weighted average ordinary shares	59,759,730			60,225,705			59,862,540			60,588,307
Weighted average effect of dilutive securities ^{(2) (3)}	—			1,351,313			—			1,455,133
Total diluted weighted average ordinary shares	59,759,730			61,577,018			59,862,540			62,043,440
(Loss) earnings per ordinary share:
Basic	$	(4.48	)	$	1.43		$	(1.99	)	$	4.07
Diluted ⁽³⁾	$	(4.48	)	$	1.40		$	(1.99	)	$	3.97


⁽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% and 7.250% Perpetual Non-Cumulative Preference Shares, net of issuance costs, and the total 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 share units as described in Note 14.


⁽³⁾	The basic and diluted number of ordinary shares for the three and nine months ended September 30, 2017 is the same as the inclusion of dilutive securities in a loss making period would be anti-dilutive.

Dividends. On October 25, 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	November 28, 2017	November 10, 2017
5.95% preference shares	$	0.3719	January 1, 2018	December 15, 2017
5.625% preference shares	$	0.3516	January 1, 2018	December 15, 2017