Earnings per share

6 Months Ended

Jun. 30, 2023

Basic Earnings Per Share (“EPS”) is calculated by dividing net income by the weighted average of our ordinary shares outstanding, which excludes 4,233,182 and 5,032,769 shares of unvested restricted stock as of June 30, 2023 and 2022, respectively. In general, for the calculation of diluted EPS, the weighted average of our ordinary shares outstanding for basic EPS is adjusted by the effect of dilutive securities provided under our equity compensation plans. The number of shares excluded from diluted shares outstanding was 28,890 and nil for the three and six months ended June 30, 2023, respectively, and 416,567 for the three months ended June 30, 2022. Due to the reported loss for the six months ended June 30, 2022, basic EPS is not adjusted by the effect of dilutive securities. The number of shares under our equity compensation plans which could dilute EPS in the future was 3,253,724 for the six months ended June 30, 2022.

The computation of basic and diluted EPS for the three and six months ended June 30, 2023 and 2022 were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income (loss) for the computation of basic EPS	$	492,894	$	339,826	$	924,999	$	(1,661,004)
Weighted average ordinary shares outstanding—basic	231,318,582		240,367,450		235,321,261		240,008,449
Basic EPS	$	2.13	$	1.41	$	3.93	$	(6.92)

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net income (loss) for the computation of diluted EPS	$	492,894	$	339,826	$	924,999	$	(1,661,004)
Weighted average ordinary shares outstanding—diluted	232,866,512		242,264,561		237,204,222		240,008,449
Diluted EPS	$	2.12	$	1.40	$	3.90	$	(6.92)

The computations of ordinary shares outstanding, excluding shares of unvested restricted stock, as of June 30, 2023 and December 31, 2022 were as follows:


	June 30, 2023	December 31, 2022
	Number of ordinary shares
Ordinary shares issued	250,347,345	250,347,345
Treasury shares	(17,841,852)	(4,416,070)
Ordinary shares outstanding	232,505,493	245,931,275
Shares of unvested restricted stock	(4,233,182)	(4,837,602)
Ordinary shares outstanding, excluding shares of unvested restricted stock	228,272,311	241,093,673