Earnings per share

12 Months Ended

Dec. 31, 2023

26. Earnings per share

Basic earnings per share amounts are calculated by dividing the net profit for the year attributable to ordinary equity holders of the parent by the weighted average number of shares outstanding during the year, increased by the number of non-vested dividend participating share-based payment awards outstanding during the period.

Diluted earnings per share amounts are calculated by dividing the net profit (loss) attributable to ordinary equity holders of the parent by the weighted average number of ordinary shares outstanding during the year plus the weighted average number of ordinary shares that would be issued on conversion of all the dilutive potential ordinary shares into ordinary shares, when the effect of their inclusion is dilutive (decreases earnings per share or increases loss per share).

The computation of the income and share data used in the basic and diluted earnings per share is as follows:


	2023		2022		2021
Basic earnings per share—
Net profit	$	514,097	$	348,054	$	43,844
Weighted-average shares outstanding	40,105		40,445		42,439
Non-vested dividend participating awards	123		136		162
	40,228		40,581		42,601
	12.78		8.58		1.03
Diluted earnings per share—
Net profit	$	514,097	$	348,054	$	43,844
Interest on convertible senior notes	—		42,403		—
Net change in fair value of derivatives	—		(17,189)		—
Net profit income adjusted for the effect of dilution	514,097		373,268		43,844
Weighted-average shares outstanding	40,228		40,581		42,601
Convertible shares	—		6,775		—
	40,228		47,356		42,601
	12.78		7.88		1.03

As of December 31, 2023, the Company doesn’t have any outstanding transaction involving potential ordinary shares. On September 18, 2023, the Company settled the notes issued in April 2020 (see Note 18).

At December 31, 2021, 6.7 million of shares of potential ordinary shares related to the convertible notes issued on 2020 and its related expenses, were excluded from the calculation of diluted earnings per share, because their effect was antidilutive.