XML 34 R21.htm IDEA: XBRL DOCUMENT v3.25.2
EARNINGS PER SHARE AND EQUITY
 6 Months Ended
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)2025202420252024
Net income (loss)$165,398 $(219,870)$267,784 $(180,248)
Less: Dividends on preferred shares3,709 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 - Diluted103,147,860 100,958,524 103,144,727 100,602,214 
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.