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v3.24.1

Consolidated Statements of Changes in Shareholders' Equity $ in Thousands | USD ($) shares | Share capital USD ($) shares | Additional paid-in capital USD ($) | Treasury shares USD ($) shares | (Accumulated deficit) / retained earnings USD ($)
--- | --- | --- | --- | --- | ---
Beginning balance (in shares) at Dec. 31, 2020 | shares |  |  | 58,093,147 |  |  |
Beginning balance at Dec. 31, 2020 |  | $ 2,065,768 | $ 656 | $ 2,850,206 | $ (480,172) | $ (304,922)
Net income (loss) for the period |  | (234,435) |  |  |  | (234,435)
Issuance of restricted stock, net of forfeitures (in shares) | shares |  |  | 276,369 |  |  |
Issuance of restricted stock |  | 0 | $ 3 | (3) |  |
Equity settled share based compensation expense |  | 22,931 |  | 22,931 |  |
Dividends paid | [1] | (23,320) |  | (23,320) |  |
Equity component of issuance of Convertible Notes due 2025 |  | 7,502 |  | 7,502 |  |
Write off of equity portion of Convertible Notes due 2022 |  | (1,518) |  | (1,518) |  |
Ending balance (in shares) at Dec. 31, 2021 | shares |  |  | 58,369,516 |  |  |
Ending balance at Dec. 31, 2021 |  | 1,836,928 | $ 659 | 2,855,798 | (480,172) | (539,357)
Net income (loss) for the period |  | 637,251 |  |  |  | 637,251
Issuance of restricted stock, net of forfeitures (in shares) | shares |  |  | 1,045,497 |  |  |
Issuance of restricted stock |  | (1) | $ 10 | (11) |  |
Equity settled share based compensation expense |  | 20,397 |  | 20,397 |  |
Dividends paid | [1] | (23,313) |  | (23,313) |  |
Purchase of treasury shares (in shares) | shares |  |  | (3,909,873) |  |  |
Purchase of treasury shares |  | (161,373) |  |  | $ (161,373) |
Repurchase of Convertible Notes due 2025 |  | $ (1,966) |  |  |  |
Conversion of Convertible Notes due 2025 to common shares (in shares) | shares |  | 5,757,698 |  |  |  |
Conversion of Convertible Notes due 2025 to common shares |  | $ 198,885 | $ 58 | 198,827 |  |
Ending balance (in shares) at Dec. 31, 2022 | shares |  |  | 61,262,838 |  | 11,429,197 |
Ending balance at Dec. 31, 2022 |  | 2,506,808 | $ 727 | 3,049,732 | $ (641,545) | 97,894
Net income (loss) for the period |  | 546,898 |  |  |  | 546,898
Issuance of restricted stock, net of forfeitures (in shares) | shares |  |  | 1,805,250 |  |  |
Issuance of restricted stock |  | 0 | $ 18 | (18) |  |
Equity settled share based compensation expense |  | 47,340 |  | 47,340 |  |
Dividends paid | [1] | (57,660) |  |  |  | (57,660)
Purchase of treasury shares (in shares) | shares |  |  | (9,960,323) |  |  |
Purchase of treasury shares |  | (489,680) |  |  | $ (489,680) |
Ending balance (in shares) at Dec. 31, 2023 | shares |  |  | 53,107,765 |  | 21,389,520 |
Ending balance at Dec. 31, 2023 |  | $ 2,553,706 | $ 745 | $ 3,097,054 | $ (1,131,225) | $ 587,132
[1] | The Company's policy is to distribute dividends from available retained earnings first and then from additional paid in capital.

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