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EARNINGS PER SHARE AND EQUITY | 6 Months Ended
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Jun. 30, 2025
Earnings Per Share [Abstract] |
EARNINGS PER SHARE AND EQUITY | 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 June 30, |  | Six Months Ended June 30, |  |
(in thousands, except share and per share data) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Net income (loss) | $ | 165,398 |  |  | $ | (219,870) |  |  | $ | 267,784 |  |  | $ | (180,248) |  |  |  |  |
Less: Dividends on preferred shares | 3,709 |  |  | 8,335 |  |  | 9,824 |  |  | 16,670 |  |  |  |  |
Less: Loss on redemption of preferred shares | — |  |  | — |  |  | 6,327 |  |  | — |  |  |  |  |
Net income (loss) attributable to shareholders | $ | 161,689 |  |  | $ | (228,205) |  |  | $ | 251,633 |  |  | $ | (196,918) |  |  |  |  |
Weighted Average Ordinary Shares Outstanding - Basic | 102,558,777 |  |  | 100,958,524 |  |  | 102,555,644 |  |  | 100,602,214 |  |  |  |  |
Weighted Average Ordinary Shares Outstanding - Diluted | 103,147,860 |  |  | 100,958,524 |  |  | 103,144,727 |  |  | 100,602,214 |  |  |  |  |
Earnings (loss) per share: |  |  |  |  |  |  |  |  |  |  |
Basic | $ | 1.58 |  |  | $ | (2.26) |  |  | $ | 2.45 |  |  | $ | (1.96) |  |  |  |  |
Diluted | $ | 1.57 |  |  | $ | (2.26) |  |  | $ | 2.44 |  |  | $ | (1.96) |  |  |  |  |
For the three and six months ended June 30, 2025 and 2024 no shares have been excluded from the calculation of Diluted EPS, because the impact would be anti-dilutive. During the six months ended June 30, 2025 and 2024, we issued 676 and 4,370 ordinary shares to certain directors as compensation.

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- Definition The entire disclosure for earnings per share. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/260/tableOfContent Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482662/260-10-50-3 + Details
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