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 six months ended June 30, 2018 and 2017, respectively:



	Three Months Ended June 30,						Six Months Ended June 30,
	2018			2017			2018			2017
	($ in millions, except share and per share amounts)

Net (loss)/income	$	(14.7	)	$	75.8		$	16.1		$	172.3
Preference share dividends	(7.6		)	(10.5		)	(15.2		)	(21.0		)
Preference share redemption costs ⁽¹⁾	—			—			—			(2.4		)
Net amount attributable to non-controlling interest	(0.1		)	(0.1		)	(0.3		)	(0.2		)
Basic and diluted net (loss)/income available to ordinary shareholders ⁽²⁾	$	(22.4	)	$	65.2		$	0.6		$	148.7
Ordinary shares:
Basic weighted average ordinary shares	59,671,684			59,966,358			59,609,271			59,914,797
Weighted average effect of dilutive securities ^{(2) (3)}	—			1,056,623			918,865			1,181,020
Total diluted weighted average ordinary shares	59,671,684			61,022,981			60,528,136			61,095,817
(Loss)/earnings per ordinary share:
Basic	$	(0.38	)	$	1.09		$	0.01		$	2.48
Diluted⁽²⁾	$	(0.38	)	$	1.07		$	0.01		$	2.43


⁽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⁾	The basic and diluted number of ordinary shares for the three months ended June 30, 2018 was the same, as the inclusion of dilutive securities in a loss-making period would be anti-dilutive.


⁽³⁾	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.

Dividends. On August 1, 2018, the Company’s Board of Directors (the “Board of Directors”) declared the following quarterly dividends:



	Dividend		Payable on:	Record Date:
Ordinary shares	$	0.24	September 4, 2018	August 17, 2018
5.95% preference shares	$	0.3719	October 1, 2018	September 15, 2018
5.625% preference shares	$	0.3516	October 1, 2018	September 15, 2018