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EARNINGS PER SHARE AND EQUITY
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
EARNINGS PER SHARE AND EQUITY
12. 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)2026202520262025
Net income
$125,094 $165,398 $262,993 $267,784 
Less: Dividends on preferred shares3,709 3,709 7,418 9,824 
Less: Loss on redemption of preferred shares3,800 — 3,800 6,327 
Net income attributable to shareholders
$117,585 $161,689 $251,775 $251,633 
Weighted Average Ordinary Shares Outstanding - Basic 102,597,464 102,558,777 102,588,692 102,555,644 
Weighted Average Ordinary Shares Outstanding - Diluted104,044,113 103,147,860 104,039,259 103,144,727 
Earnings per share:
Basic$1.15 $1.58 $2.45 $2.45 
Diluted$1.13 $1.57 $2.42 $2.44 
For the three and six months ended June 30, 2026, 52,791 shares were excluded from the calculation of Diluted EPS (2025 - none).
During the three and six months ended June 30, 2026, the Company issued 329 and 915 ordinary shares, respectively, to certain directors as compensation (2025 - 676 and 676, respectively).
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.
In June 2026, the Company redeemed in full the outstanding 4,200,000 8.25% Fixed-Rate Reset Series C Cumulative Perpetual Redeemable Preferred Shares at a redemption price equal to $25.00 per share in cash