XML 31 R11.htm IDEA: XBRL DOCUMENT v3.23.1
Earnings per share ("EPS")
 12 Months Ended
Dec. 31, 2022
Earnings per share ("EPS") [Abstract]  
Earnings per share ("EPS")
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 restricted shares using the treasury stock method.
 
The components of the calculation of basic EPS and diluted EPS are as follows:
 
(Dollars in thousands)
  
2022
    
2021
    
2020
  
Profit/(loss) for the period used for calculation of EPS – basic
  
$
61,520
    
$
(11,521
)
  
$
266,266
  
Interest and amortization on the convertible notes
  
$
-
    
$
-
    
$
6,766
  
Profit/(loss) for the period used for calculation of EPS – dilutive
  
$
61,520
    
$
(11,521
)
  
$
273,032
  
                         
Basic earnings per share:
                        
Weighted average shares outstanding – basic
    
164,692,954
      
169,089,325
      
155,712,886
  
                         
Diluted earnings per share:
                        
Weighted average shares outstanding – basic
    
164,692,954
      
169,089,325
      
155,712,886
  
Dilutive equity awards 1
    
157,137
      
-
      
65,873
  
Dilutive shares related to convertible notes
    
-
      
-
      
14,275,217
  
Weighted average shares outstanding – dilutive
    
164,850,091
      
169,089,325
      
170,053,975
  

1
 In 2022, 2021, and 2020, equity awards of nil, 77,546 and nil, respectively, were excluded from the calculation of the dilutive weighted average shares outstanding due to being anti-dilutive.