16. EARNINGS PER SHARE

Under ASC 260, Earnings per Share, the Company applies the treasury stock method, reverse treasury stock method, if-converted method or contingently issuable share method, as applicable, to allocate earnings and determine the impact of potentially dilutive shares as none of its potentially dilutive securities participates in dividends.

Years ended December 31, 2025, 2024, and 2023

The following tables provides a reconciliation of the data used in the calculation of basic and diluted ordinary shares outstanding for the years ended December 31, 2025, 2024, and 2023 (in US$ thousands except shares and per share amounts):

 SCHEDULE OF RECONCILIATION OF BASIC AND DILUTED COMMON SHARES OUTSTANDING

 SCHEDULE OF BASIC AND DILUTED EARNINGS PER COMMON SHARE

Prior to the announcement of the exchange offer on May 30, 2025 (Note 15), potentially dilutive warrants had no impact on the determination of dilutive earnings per share as these potential ordinary shares were antidilutive for the years ended December 31, 2024, and 2023, respectively.

In addition to the warrants, the Company also had 2,020,879, 1,068,135, and 1,245,868 weighted average restricted stock units excluded from dilutive ordinary shares for the years ended December 31, 2025, 2024, and 2023, respectively, as they were assumed repurchased through the impact of unrecognized share-based compensation cost.