Note 20 - Net Earnings Per Common Share

12 Months Ended

Dec. 31, 2020

20.	Net earnings per common share

Diluted EPS is calculated using the “if-converted” method of calculating earnings per share in relation to the Convertible Notes, which were issued on

May 19, 2020.

As such, the interest (net of income tax) on the Convertible Notes is added to the numerator and the additional shares issuable on conversion of the Convertible Notes are added to the denominator of the earnings per share calculation to determine if an assumed conversion is more dilutive than

assumption of conversion. The “if-converted” method is used if the impact of the assumed conversion is dilutive. The “if-converted” method is dilutive for the year ended

December 31, 2020.

The following table reconciles the basic and diluted common shares outstanding:

	Year ended December 31,
(in thousands of US dollars, except share information)		2020		2019

Net earnings attributable to Company	$	49,074	$	102,903
Adjusted numerator under the If-Converted Method	$	49,074	$	102,903


Shares issued and outstanding at beginning of period		39,845,211		39,213,136
Weighted average number of shares:
Issued during the period		140,657		336,426
Weighted average number of shares used in computing basic earnings per share		39,985,868		39,549,562
Assumed exercise of stock options acquired under the Treasury Stock Method		193,296		431,456
Number of shares used in computing diluted earnings per share		40,179,164		39,981,018