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Earnings per share
 3 Months Ended
Mar. 29, 2020
Earnings Per Share [Abstract]  
Earnings per share 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
2020
 
2019
 
 
Basic earnings:
 
 
 
 
 
Net income / (loss)
$
6.2

 
$
(3.8
)
 
 
Weighted average number of £0.50 ordinary shares:
 
 
 
 
 
For basic earnings per share
27,440,423

 
27,032,677

 
 
Dilutive effect of potential common stock
453,635

 
—

 
 
For diluted earnings per share
27,894,058

 
27,032,677

 
 
Earnings / (loss) per share using weighted average number of ordinary shares outstanding:
 
 
 
 
 
Basic earnings / (loss) per ordinary share
$
0.23

 
$
(0.14
)
 
 
Diluted earnings / (loss) per ordinary share
$
0.22

 
$
(0.14
)
 


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 shares combined were not included in the computation of diluted EPS for the first quarter of 2019.