Earnings / (loss) per share

12 Months Ended

Dec. 31, 2023

The calculation of both basic and diluted loss per share is based on net loss attributable to equity holders of the parent and weighted average outstanding shares of:


	For the year ended December 31,
In thousands of U.S. dollars except for share data	2023		2022		2021
Net income / (loss) attributable to equity holders of the parent - basic	$	546,898	$	637,251	$	(234,434)
Convertible notes interest expense, accretion, and deferred financing amortization	—		19,584		—
Net income / (loss) attributable to equity holders of the parent - diluted	$	546,898	$	656,835	$	(234,434)

Basic weighted average number of shares	52,369,269		55,455,277		54,718,709
Effect of dilutive potential basic shares:
Restricted stock	2,158,478		2,610,544		—
Convertible notes	—		5,445,455		—
	2,158,478		8,055,999		—
Diluted weighted average number of shares	54,527,747		63,511,276		54,718,709

Earnings / (Loss) Per Share:
Basic	$	10.44	$	11.49	$	(4.28)
Diluted	$	10.03	$	10.34	$	(4.28)

During the year ended December 31, 2023, potentially dilutive shares relating to unvested restricted stock were included in the computation of diluted earnings per share because their effect was dilutive. The inclusion of potentially dilutive shares of unvested restricted stock reflects the dilutive impact of 3,231,060 unvested shares of restricted stock.

During the year ended December 31, 2022, potentially dilutive shares relating to unvested restricted stock and our Convertible Notes Due 2022 and Convertible Notes Due 2025 were included in the computation of diluted earnings per share because their effect was dilutive. The inclusion of potentially dilutive shares of unvested restricted stock reflects the dilutive impact of 2,705,989 unvested shares of restricted stock. The inclusion of potentially dilutive shares relating to our Convertible Notes Due 2022 and Convertible Notes Due 2025 represents the potentially dilutive shares arising from these instruments for an aggregate of 7,661,365 shares. The Convertible Notes Due 2022 matured in May 2022 and were repaid in cash upon maturity. Accordingly, the potentially dilutive impact of this instrument is included in the weighted average number of shares for a portion of the period, through the maturity date. In December 2022, all of the holders of the Company's Convertible Notes Due 2025 converted their notes into an aggregate of 5,757,698 common shares of the Company. Accordingly, the potentially dilutive impact of this instrument was included in the weighted average number of shares for a portion of the period, through the conversion date.

During the year ended December 31, 2021, we incurred a net loss and as a result, potentially dilutive shares relating to unvested shares of restricted stock and our Convertible Notes Due 2022 and Convertible Notes Due 2025 were excluded from the computation of diluted earnings per share because their effect would have been anti-dilutive. Accordingly, interest expense, deferred financing amortization, and the potentially dilutive securities relating to the conversion of the Convertible Notes Due 2022 and Convertible Notes Due 2025 (representing 7,324,132 shares of common stock for the year ended December 31, 2021) along with the potentially dilutive impact of 2,997,992 unvested shares of restricted stock were excluded from the computation of diluted loss per share for the year ended December 31, 2021.