Earnings Per Share (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Comparison of Basic and Diluted Earnings per Share

The following table sets forth the computation of basic and diluted net earnings per ordinary share:


	Three Months Ended
	March 31,
	2025		2024
	(in millions of U.S. dollars, except share and per share data)
Numerator:



Net income attributable to Enstar ordinary shareholders:	$	50	$	119

Denominator:
Weighted-average ordinary shares outstanding — basic (1)	14,891,871		14,641,158
Effect of dilutive securities:
Share-based compensation plans (2)(3)	158,890		192,682



Weighted-average ordinary shares outstanding — diluted	15,050,761		14,833,840

Earnings per share attributable to Enstar ordinary shareholders:
Basic	$	3.36	$	8.13



Diluted	$	3.32	$	8.02

(1) For the three months ended March 31, 2024, weighted-average ordinary shares for basic earnings per share excludes ordinary shares held in the EB Trust in respect of Joint Share Ownership Plan ("JSOP") awards, which, as a result of us consolidating the EB Trust, are classified as treasury shares. On January 21, 2025 the JSOP awards were exercised, pursuant to the JSOP agreement, the remaining 356,140 shares held in the EB Trust were cancelled on January 21, 2025, for more information refer to Note 14 and Note 16.

(2) Share-based dilutive securities include restricted shares, restricted share units, directors’ restricted share units and performance share units. The number of potential ordinary shares excluded from diluted shares outstanding was 1,278 and 23,141 shares for the three months ended March 31, 2025 and 2024, respectively, because the effect of including those potential ordinary shares in the calculation would have been anti-dilutive. Securities may be anti-dilutive based on timing of forfeitures of share-based compensation awards or if the share price at grant date was greater than the average market price of our ordinary shares. Refer to Note 21 to the Consolidated Financial Statements included within our 2024 Form 10-K for additional information on the share-based compensation awards.

(3) Certain restricted share units and performance share units were converted from an equity award to a liability award during the year ended December 31, 2024. As a result, the applicable units no longer have a dilutive impact.