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Basic and diluted earnings per share

9 Months Ended

Sep. 30, 2021

Basic and diluted earnings per share

Basic and diluted earnings per share

13Basic and diluted earnings per share

Basic net (loss) / income per ordinary share is computed by dividing net (loss) / income 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 nine months ended September 30, 2021, dilutive net (loss) / 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 September 30,						Nine months ended September 30,
		2021			2020			2021			2020

		(in thousands)						(in thousands)
Numerator:
Net (loss) / income attributable to ordinary shares		$	(36,531)		$	(53,775)		$	321,381		$	(124,325)
			(36,531)			(53,775)			321,381			(124,325)
Denominator:
Weighted-average number of ordinary shares outstanding - basic			46,152,404			44,471,844			45,888,769			44,379,924
Stock options under 2014 Plans and previous plan			—			—			784,942			—
Non-vested RSUs and PSUs			—			—			105,870			—
Employee share purchase plan			—			—			1,382			—
Weighted-average number of ordinary shares outstanding - diluted			46,152,404			44,471,844			46,780,963			44,379,924

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


		Three months ended September 30,						Nine months ended September 30,
		2021			2020			2021			2020

		(in thousands)						(in thousands)
Anti-dilutive ordinary share equivalents
Stock options under 2014 Plans and previous plan			3,357,412			2,960,158			2,572,470			2,960,158
Non-vested RSUs and PSUs			841,480			672,805			735,610			672,805
Employee share purchase plan			1,219			1,997			1,219			1,997
BMS warrants (derecognized as of December 1, 2020 - refer to Note 6, "Fair value measurement")			—			8,071,000			—			8,071,000
Total anti-dilutive ordinary share equivalents			4,200,111			11,705,960			3,309,299			11,705,960

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 September 30, 2020. In addition, the BMS warrants were not exercisable as of September 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.