Earnings per Share

9 Months Ended

Sep. 30, 2021

Earnings Per Share Basic net earnings per ordinary share from continuing operations (“EPS”) is calculated by taking Income (loss) available to ordinary stockholders divided by the weighted average number of ordinary shares outstanding for the applicable period. Diluted net EPS is computed by taking net earnings divided by the weighted average number of ordinary shares outstanding increased by the number of additional shares which have a dilutive effect. The Company was in a net income position for the three months ended September 30, 2021. Certain potentially dilutive instruments were determined to be anti-dilutive and

excluded from the dilutive calculation for the three months ended September 30, 2021. Due to the Company being in a loss position during the nine months ended September 30, 2021, all potentially dilutive instruments were seen to be anti-dilutive and excluded from the dilutive calculation for the nine months ended September 30, 2021.

Potential ordinary shares of 27,575,398 and 31,871,520 of Private Placement Warrants, options, RSUs, and PSUs related to the 2019 Incentive Award Plan were excluded from diluted EPS for the nine months ended September 30, 2021 and three and nine months ended September 30, 2020, respectively, as the Company had a net loss and their inclusion would have been anti-dilutive or their performance metric was not met. Potential ordinary shares of 17,813,826 of Private Placement Warrants, 3,294,188 of RSUs, and 415,969 of PSUs were excluded from diluted EPS for the three months ended September 30, 2021 as their inclusion would have been anti-dilutive. See Note 16 - Shareholders’ Equity and Note 17 - Employment and Compensation Arrangements for additional information.

The potential dilutive effect of our MCPS outstanding during the period was calculated using the if-converted method assuming the conversion as of the earliest period reported or at the date of issuance, if later. The resulting ordinary shares related to our MCPS are not included in the dilutive weighted-average ordinary shares outstanding calculation for the nine months ended September 30, 2021 as their effect would be anti-dilutive given the net loss incurred in the period. Ordinary shares of 46,073,718 were excluded from diluted EPS for the three months ended September 30, 2021 as their inclusion would have been anti-dilutive.

The basic and diluted EPS computations for our ordinary shares are calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended September 30,
	2021		2020 (As Restated)
Basic/Diluted EPS
Net income (loss) available to ordinary stockholders	$	23,312	$	(181,986)
Dividends on preferred shares	(22,431)		—
Net income (loss) attributable to ordinary shares	$	881	$	(181,986)

Basic weighted-average number of ordinary shares outstanding	640,834,827		387,845,438
Basic EPS	$	—	$	(0.47)

Effects of Dilutive Securities
Options	5,098,686		—
Diluted weighted-average number of ordinary shares outstanding	645,933,513		387,845,438
Diluted EPS	$	—	$	(0.47)

	Nine Months Ended September 30,
	2021		2020 (As Restated)
Basic/Diluted EPS


Net loss	$	(82,852)	$	(336,900)
Dividends on preferred shares	(22,431)		—
Net loss attributable to ordinary shares	$	(105,283)	$	(336,900)

Basic weighted-average number of ordinary shares outstanding	622,460,931		369,019,802
Basic EPS	$	(0.17)	$	(0.91)

Diluted weighted-average number of ordinary shares outstanding	622,460,931		369,019,802
Diluted EPS	$	(0.17)	$	(0.91)