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Basic and diluted earnings per share

6 Months Ended

Jun. 30, 2022

Basic and diluted earnings per share

Basic and diluted earnings per share

9Basic 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 and six months ended June 30, 2021, dilutive net income per ordinary share is computed using the treasury method. As the Company has incurred a loss in the three and six months ended June 30, 2022, all potentially dilutive ordinary shares for these periods would have an antidilutive effect, if converted, and thus have been excluded from the computation of loss per share for the three and six months ended June 30, 2022.

The potentially dilutive ordinary shares are summarized below:


		Three months ended June 30,						Six months ended June 30,
		2022			2021			2022			2021

		(in thousands, except share amounts)						(in thousands, except share amounts)
Numerator:
Net (loss) / income attributable to ordinary shares		$	(39,061)		$	399,468		$	(85,739)		$	357,912
			(39,061)			399,468			(85,739)			357,912
Denominator:
Weighted-average number of ordinary shares outstanding - basic			46,668,554			46,037,900			46,634,026			45,754,766
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			46,668,554			46,929,870			46,634,026			46,678,835

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 six months ended June 30, 2022 and 2021 as the effect of their inclusion would have been anti-dilutive:


		Three months ended June 30,						Six months ended June 30,
		2022			2021			2022			2021
Anti-dilutive ordinary share equivalents
Stock options under 2014 Plans and previous plan			4,420,474			2,634,766			4,420,474			2,607,830
Non-vested RSUs and PSUs			2,447,570			757,544			2,447,570			751,711
Employee share purchase plan			1,464			1,414			1,464			1,802
Total anti-dilutive ordinary share equivalents			6,869,508			3,393,724			6,869,508			3,361,343

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 the three and six months ended June 30, 2022.