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Basic and diluted earnings per share

6 Months Ended

Jun. 30, 2021

Basic and diluted earnings per share

Basic and diluted earnings per share

11Basic and diluted earnings per share

Basic net income / (loss) per ordinary share is computed by dividing net income / (loss) for the period by the weighted average number of ordinary shares outstanding during the period. Diluted earnings per ordinary share are calculated by adjusting the weighted average number of ordinary shares outstanding, assuming conversion of all potentially dilutive ordinary shares. For the three months and six months ended June 30, 2021, dilutive net income per ordinary share is computed using the treasury method.

The following table provides the calculation of basic and diluted earnings per ordinary share:


		Three months ended June 30,						Six months ended June 30,
		2021			2020			2021			2020

		(in thousands)						(in thousands)
Numerator:
Net income / (loss) attributable to ordinary shares		$	399,468		$	(42,551)		$	357,912		$	(70,550)
			399,468			(42,551)			357,912			(70,550)
Denominator:
Weighted-average number of ordinary shares outstanding - basic			46,037,900			44,387,463			45,754,766			44,333,460
Stock options under 2014 Plans and previous plan			797,165			—			824,101			—
Non-vested RSUs and PSUs			92,681			—			98,514			—
Employee share purchase plan			2,124			—			1,454			—
Weighted-average number of ordinary shares outstanding - diluted			46,929,870			44,387,463			46,678,835			44,333,460

The following table presents ordinary share equivalents that were excluded from the calculation of diluted net income / (loss) per ordinary share for the three and six months ended June 30, 2021 and 2020 as the effect of their inclusion would have been anti-dilutive.


		Three months ended June 30,						Six months ended June 30,
		2021			2020			2021			2020

		(in thousands)						(in thousands)
Anti-dilutive ordinary share equivalents
Stock options under 2014 Plans and previous plan			2,634,766			2,893,733			2,607,830			2,893,733
Non-vested RSUs and PSUs			757,544			645,636			751,711			645,636
Employee share purchase plan			1,414			254			1,802			254
BMS warrants (derecognized as of December 1, 2020 - see Note 4, "Fair value measurement")			—			8,060,500			—			8,060,500
Total anti-dilutive ordinary share equivalents			3,393,724			11,600,123			3,361,343			11,603,143

The anti-dilutive ordinary shares are presented without giving effect to the application of the treasury method or exercise prices that exceeded the price of the Company’s ordinary shares as of June 30, 2020. In addition, the BMS warrants were not exercisable as of June 30, 2020. This would have resulted in a lower number of potentially dilutive ordinary shares as some stock option grants as well as the BMS warrants would have been excluded.