Earnings per share

Basic earnings per share are computed by dividing net income for the period by the weighted-average number of ordinary shares outstanding, net of Treasury shares and shares held in ESOP. Diluted earnings per share are computed by dividing net income for the period by the weighted average number of ordinary shares outstanding and the dilutive ordinary shares equivalents.

Basic and diluted earnings per share were calculated as follows:



	First Quarter
In millions except share and per-share data	2019			2018
Basic earnings:
Net (loss) / income	$	(3.8	)	$	9.9
Weighted average number of £0.50 ordinary shares:
For basic earnings per share	27,032,677			26,512,765
Dilutive effect of potential common stock	—			385,118
For diluted earnings per share	27,032,677			26,897,883
(Loss) / earnings per share using weighted average number of ordinary shares outstanding:
Basic (loss) / earnings per ordinary share	$	(0.14	)	$	0.37
Diluted (loss) / earnings per ordinary share	$	(0.14	)	$	0.37

In the first quarter of 2019, basic average shares outstanding and diluted average shares outstanding were the same because the effect of potential shares of common stock was anti-dilutive since the Company generated a net loss. As a result, 735,730 combined were not included in the computation of diluted EPS.