Earnings per share

12 Months Ended

Dec. 31, 2017

Note 5 - Earnings per share (“EPS”)

The computation of basic earnings per share is based on the weighted average number of common shares outstanding during the period. The computation of diluted earnings per share assumes the exercise of all dilutive stock options and restricted shares using the treasury stock method.

For the year ended December 31, 2017, the Company had an increase in earnings per share resulting from the assumption that convertible instruments are converted, thus any effect of common stock equivalents outstanding would be antidilutive. Antidilutive potential common shares are disregarded in the calculation of diluted EPS. The following potential ordinary shares are antidilutive and therefore excluded from the weighted average number of ordinary shares for the purpose of diluted earnings per shares: convertible instruments: 17,282,925 shares.

The components of the calculation of basic EPS and diluted EPS are as follows:

(Dollars in thousands):	2017		2016		2015
Profit/(loss) for the period used for calculation of EPS - basic	$	6,602	$	9,260	$	105,302
Interest and amortization on the convertible notes	$	-			$	11,340
Profit/(loss) for the period used for calculation of EPS - dilutive	$	6,602	$	9,260	$	116,641

Basic earnings per share:
Weighted average shares outstanding - basic		124,536,338		93,382,757		92,793,154

Diluted earnings per share:
Weighted average shares outstanding - basic		124,536,338		93,382,757		92,793,154
Dilutive equity awards		-		6,853		92,827
Dilutive shares related to convertible notes		-		-		19,212,240
Weighted average shares outstanding - dilutive		124,536,338		93,389,610		112,098,221

F-23