Basic earnings per share is calculated by dividing the net income attributable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the year.

Diluted earnings per share reflects the potential dilution from outstanding equity awards. The weighted average number of shares is adjusted for the dilutive effect of share-based awards, calculated using the treasury share method, which assumes that outstanding awards are exercised and that the proceeds from exercise and unrecognized compensation cost are used to repurchase shares at the average market price during the period.

The table below presents basic and diluted earnings per share:


	Year Ended December 31,
	2023		2024		2025
Basic earnings per share	$	1.72	$	0.91	$	1.21
Diluted earnings per share	$	1.69	$	0.90	$	1.19

The table below shows the calculations of basic and diluted weighted-average number of shares:


	Year Ended December 31,
	2023			2024		2025
Issued shares at beginning of period		89,215,121			87,518,284		88,480,154
Effect of shares issued upon exercise of equity awards		1,003,925			944,983		1,074,963
Effect of share repurchases		(963,143	)		—		—
Basic weighted-average number of shares in the period		89,255,903			88,463,267		89,555,117
Effect of unexercised equity awards		1,665,705			1,213,007		1,400,488
Diluted weighted-average number of shares in the period		90,921,608			89,676,274		90,955,605

See Note 4 for details on Opera’s share incentive plan and Note 16 for information on share repurchases.