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:



	Second Quarter				Year-to-date
In millions except share and per-share data	2019		2018		2019			2018
Basic earnings:
Net income / (loss)	$	3.5	$	11.4	$	(0.3	)	$	21.3
Weighted average number of £0.50 ordinary shares:
For basic earnings per share	27,302,174		26,558,883		27,168,170			26,535,824
Dilutive effect of potential common stock	587,735		1,025,632		—			860,733
For diluted earnings per share	27,889,909		27,584,515		27,168,170			27,396,557
Earnings per share using weighted average number of ordinary shares outstanding:
Basic earnings / (loss) per ordinary share	$	0.13	$	0.43	$	(0.01	)	$	0.80
Diluted earnings / (loss) per ordinary share	$	0.13	$	0.41	$	(0.01	)	$	0.78

The 2019 year-to-date 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 for the period. As a result, 662,832 combined potential common stock were not included in the computation of diluted EPS.