v3.25.2
Income Per Share
6 Months Ended
Jun. 30, 2025
Earnings Per Share [Abstract]  
Income Per Share
Note 10 - Income Per Share
The computation of basic income per share (“EPS”) is based on the weighted average number of shares outstanding during the period.
Three months ended June 30, 2025Three months ended June 30, 2024Six months ended June 30, 2025Six months ended June 30, 2024
Basic income per share0.150.13 0.08 0.18 
Diluted income per share0.140.12 0.08 0.18 
Issued ordinary shares at the end of the period244,400,000264,080,391244,400,000264,080,391
Net income - basic 35.131.718.246.1 
Convertible bond interest using the if converted method3.0 3.0 — 6.0 
Net income - diluted38.134.718.252.1 
Weighted average numbers of shares outstanding for the period, basic 238,907,129251,189,331241,134,285251,953,928
Dilutive effect of share options and RSU (1)
34,970,601 37,247,299 1,228,215 37,395,409 
Weighted average numbers of shares outstanding for the period, diluted273,877,730288,436,630242,362,500289,349,337
(1) For the three months ended June 30, 2025, 3,931,663 share options, 136,610 restricted stock units using the treasury stock method and 34,507,611 shares issuable upon exercise of our Convertible Bonds with a conversion price of $6.9376 per share have been included as they are dilutive. For the six months ended June 30, 2025, 3,931,663 share options using the treasury stock method have been included as they are
dilutive. For the three and six months ended June 30, 2024, 8,118,362 share options and 862,780 restricted stock units using the treasury stock method and 33,554,319 shares issuable upon exercise of our Convertible Bonds with a conversion price of $7.1347 per share, have been included as they are dilutive.
The weighted average number of shares outstanding includes 2,208,734 and 12,081,900 shares as of June 30, 2025 and June 30, 2024 shares, respectively, which have been issued as part of a share lending arrangement relating to the Company's issuance of $250.0 million Convertible Bonds in 2023 (see Note 21 - Common Shares).
The following potential share issuances effects of Convertible Bonds, share options, RSUs and performance units have been excluded from the calculation of diluted EPS for each of the periods presented because the effects were anti-dilutive.
Three months ended June 30, 2025Three months ended June 30, 2024Six months ended June 30, 2025Six months ended June 30, 2024
Convertible bonds— — 34,507,611 — 
Share options8,689,997 2,100,000 8,689,997 2,100,000 
Performance stock units750,000 750,000 750,000 750,000 
Restricted share units750,000 — 886,610 — 
For the three months ended June 30, 2025, the impact of 8,689,997 share options, 750,000 performance share units, and 750,000 restrictive share units have been excluded from the calculation of EPS as the exercise price was higher than the average share price, and therefore have been excluded from the calculation. For the six months ended June 30, 2025, the impact of 8,689,997 share options, 750,000 performance share units, and 886,610 restricted share units have been excluded from the calculation of EPS as the exercise price was higher than the average share price, and therefore have been excluded from the calculation. In addition, 34,507,611 shares issuable upon exercise of our Convertible Bonds with a conversion price of $6.9376 per share, have been excluded as they are anti-dilutive.
For the three and six months ended June 30, 2024, the impact of 2,100,000 share options, 750,000 performance share units using the treasury stock method were anti-dilutive, as the exercise price was higher than the average share price, and therefore have been excluded from the calculation.