XML 63 R11.htm IDEA: XBRL DOCUMENT
v3.19.2

EARNINGS PER SHARE | 6 Months Ended
--- | ---
Jun. 30, 2019
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE The computation of basic earnings per share (“EPS”) is based on the weighted average number of shares outstanding during the period. Diluted EPS includes the effect of the assumed conversion of potentially dilutive instruments. The components of the numerator for the calculation of basic and diluted EPS are as follows:
| Six months ended |  | Year ended |
(in thousands of $) | June 30, 2019 |  |  | June 30, 2018 |  |  | December 31, 2018 |
Basic earnings per share: |  |  |  |  |
Net income available to stockholders | 61,713 |  |  | 40,421 |  |  | 73,622 |
Diluted earnings per share: |  |  |  |  |
Net income available to stockholders | 61,713 |  |  | 40,421 |  |  | 73,622 |
Interest and other expenses attributable to convertible bonds | 11,319 |  |  | 261 |  |  | 123 |
Net income assuming dilution | 73,032 |  |  | 40,682 |  |  | 73,745 |
The components of the denominator for the calculation of basic and diluted EPS are as follows:
| Six months ended |  | Year ended |
(in thousands) | June 30, 2019 |  |  | June 30, 2018 |  |  | December 31, 2018 |
Basic earnings per share: |  |  |  |  |
Weighted average number of common shares outstanding | 107,608 |  |  | 104,160 |  |  | 105,898 |
Diluted earnings per share: |  |  |  |  |
Weighted average number of common shares outstanding* | 107,608 |  |  | 104,160 |  |  | 105,898 |
Effect of dilutive share options | 50 |  |  | 62 |  |  | 59 |
Effect of dilutive convertible bonds | 21,677 |  |  | 818 |  |  | 1,649 |
Weighted average number of common shares outstanding assuming dilution | 129,335 |  |  | 105,040 |  |  | 107,606 |
| Six months ended |  | Year ended |
| June 30, 2019 |  |  | June 30, 2018 |  |  | December 31, 2018 |
Basic earnings per share: | $ | 0.57 |  |  | $ | 0.39 |  |  | $ | 0.70 |
Diluted earnings per share: | $ | 0.56 |  |  | $ | 0.39 |  |  | $ | 0.69 |
*The weighted average number of common shares outstanding excludes 8,000,000 shares issued as part of a share lending arrangement relating to the Company's issuance of 5.75% senior unsecured convertible bonds in October 2016. It also excludes 3,765,842 shares issued as of June 30, 2019 from up to 7,000,000 shares issuable under a share lending arrangement relating to the Company's issuance of 4.875% senior unsecured convertible bonds in April and May 2018. These lent shares are owned by the Company and will be returned on or before maturity of the bonds in 2021 and 2023, respectively. In February 2018, the Company redeemed the full outstanding amount under the 3.25% senior unsecured convertible bonds due 2018. The remaining outstanding principal amount of $63.2 million was paid in cash, and the premium settled in common shares with the issue of 651,365 new shares. As of June 30, 2019, the 4.875% senior unsecured convertible bonds issued in April and May 2018 and the 5.75% senior unsecured convertible bonds issued in October 2016 were dilutive.

X
- References No definition available. + Details
Name: | us-gaap_EarningsPerShareAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for earnings per share. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 260 -URI http://asc.fasb.org/topic&trid=2144383 + Details
Name: | us-gaap_EarningsPerShareTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration