v3.26.1
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2026
Earnings per share (Note 9):  
EARNINGS PER SHARE

9. EARNINGS PER SHARE

 

The following tables provide a reconciliation of the data used in the calculation of basic and diluted ordinary shares outstanding for the three-month periods ended March 31, 2026, and March 31, 2025, respectively.

 

Date  Transaction Detail  Change in Shares  

Three-month

period ended

March 31, 2026,

Weighted Average
Ordinary Shares
Outstanding

 
January 1, 2026  Beginning Balance        100,787,173 
January 15, 2026  Equity-classified Restricted Stock Issuance   833    694 
January 30, 2026  Equity-classified Restricted Stock Issuance   7,332    4,888 
February 25, 2026  Equity-classified Restricted Stock Issuance   1,666    629 
March 13, 2026  Equity-classified Restricted Stock Issuance   250    50 
March 13, 2026  Settlement of liability-classified share-based compensation   50,001    10,001 
March 31, 2026  Ending Balance        100,803,435 

 

Date  Transaction Detail  Change in Shares  

Three-month

period ended

March 31, 2025,

Weighted Average
Ordinary Shares
Outstanding

 
January 1, 2025  Beginning Balance        96,045,856 
January 6, 2025  Settlement of liability-classified share-based compensation   61,353    57,263 
February 17, 2025  Equity-classified Restricted Stock Issuance   666    311 
February 27, 2025  Equity-classified Restricted Stock Issuance   1,000    356 
March 17, 2025  Equity-classified Restricted Stock Issuance   12,430    1,934 
March 18, 2025  Equity-classified Restricted Stock Issuance   231,661    33,461 
March 31, 2025  Ending Balance        96,139,181 

 

 

The following tables provide the computation of basic and diluted earnings per share (“EPS”) for the three-month periods ended March 31, 2026, and March 31, 2025, respectively.

 

   For the three-month period ended 
   March 31, 2026   March 31, 2025 
   Net income to Ordinary Shareholders   Weighted-average ordinary shares outstanding   EPS   Net income to Ordinary Shareholders   Weighted-average ordinary shares outstanding   EPS 
                         
Basic EPS - ordinary shares  $23,827    100,803,435   $0.24   $10,391    96,139,181   $0.11 
Restricted stock units   -    2,128,115    (0.01)   -    571,303    (0.00)
Antidilution sequencing - subtotal   23,827    102,931,550    0.23    10,391    96,710,484    0.11 
35,540,380 warrants @ $5.75 per half share   -    -    -    -    -    - 
Diluted EPS - ordinary shares  $23,827    102,931,550   $0.23   $10,391    96,710,484   $0.11 

 

Prior to the announcement of the exchange offer on May 30, 2025, potentially dilutive warrants had no impact on the determination of dilutive earnings per share as these potential ordinary shares were antidilutive for the three-month period ended March 31, 2025.

 

In addition to the warrants, the Company excluded 896,880 and 2,019,453 weighted-average restricted stock units from dilutive ordinary shares for the three-month periods ended March 31, 2026, and 2025, respectively, as they were assumed to be repurchased due to the impact of unrecognized share-based compensation cost.