Note 8 - Earnings Per Share

12 Months Ended

Dec. 31, 2024

Earnings per ADS and per ordinary share:

Note 8. Earnings Per Share

Basic earnings per share is calculated by dividing the net income for the year attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is calculated by increasing the denominator by the effect of unexercised equity awards, specifically (i) the number of ordinary shares that would be issued pursuant to Opera’s share incentive plan based on period-average employee equity awards, partially offset by (ii) the number of ordinary shares that could have been repurchased with the amount of unamortized share-based compensation expense related to such equity awards at the period-average market price per share.

The table below presents basic and diluted earnings per share:


	Year ended December 31,
	2022		2023		2024
Basic earnings per share	$	0.14	$	1.72	$	0.91
Diluted earnings per share	$	0.14	$	1.69	$	0.90

The table below shows the calculations of basic and diluted weighted-average number of shares:


	Year ended December 31,
	2022			2023			2024
Issued shares at beginning of period		115,145,866			89,215,121			87,518,284
Effect of shares issued upon exercise of equity awards		790,476			1,003,925			944,983
Effect of share repurchases		(6,457,254	)		(963,143	)		—
Basic weighted-average number of shares in the period		109,479,088			89,255,903			88,463,267
Effect of unexercised equity awards		853,464			1,665,705			1,213,007
Diluted weighted-average number of shares in the period		110,332,552			90,921,608			89,676,274

See Note 4 for details on Opera’s share incentive plan and Note 16 for information on share repurchases.