EARNINGS PER SHARE AND EQUITY

3 Months Ended

Mar. 31, 2025

13. EARNINGS PER SHARE AND EQUITY

Basic earnings per ordinary share (“EPS”) is calculated by dividing net income attributable to shareholders by the weighted average number of ordinary shares outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders by the weighted average number of ordinary shares outstanding, plus any participating securities and potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method.

The calculation of basic and diluted EPS is presented below (unaudited):


	Three Months Ended March 31,
(in thousands, except share and per share data)	2025		2024
Net income	$	102,386	$	39,622

Less: Dividends on preferred shares	6,115		8,335
Less: Loss on redemption of preferred shares	6,327		—
Net income attributable to shareholders	$	89,944	$	31,287
Weighted Average Ordinary Shares Outstanding - Basic	102,552,436		100,245,905
Weighted Average Ordinary Shares Outstanding - Diluted	103,159,051		100,960,065

Earnings per share:
Basic	$	0.88	$	0.31
Diluted	$	0.87	$	0.31

For the three months ended March 31, 2025 and 2024, no shares have been excluded from the calculation of diluted EPS.

Preferred Shares

In February 2025, the Company redeemed in full the outstanding 4,940,000 8.00% Fixed-to-Floating Rate Series B Cumulative Perpetual Redeemable Preferred Shares at a redemption price equal to $25.00 per share in cash, plus $2.4 million of accumulated and unpaid distributions thereon to, but not including, the redemption date of February 16, 2025.