Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2023

13. EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per ordinary share is calculated based upon net income (loss) available to holders of ordinary shares divided by the weighted average number of ordinary shares outstanding. For the calculation of diluted earnings (loss) per ordinary share, the Company utilizes the treasury stock method and adjusts the weighted average number of ordinary shares outstanding for the effect of outstanding ordinary share equivalents such as stock options and restricted stock unit awards.


	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In thousands)	2023		2022			2023		2022
Numerator:
Net income (loss)	$	47,758	$	(63,974	)	$	242,978	$	(130,013	)
Denominator:
Weighted average number of ordinary shares outstanding		166,607		164,282			165,996		163,541
Effect of dilutive securities:
Stock options		1,682		—			1,643		—
Restricted stock unit awards		3,614		—			3,342		—
Dilutive ordinary share equivalents		5,296		—			4,985		—
Shares used in calculating diluted earnings (loss) per ordinary share		171,903		164,282			170,981		163,541

The following potential ordinary share equivalents were not included in the net earnings (loss) per ordinary share calculation because the effect would have been anti-dilutive:


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2023		2022		2023		2022
Stock options		12,029		13,031		12,422		12,784
Restricted stock unit awards		1,317		4,922		2,389		5,459
Total		13,346		17,953		14,811		18,243