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SHARE CAPITAL | 6 Months Ended
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Jun. 30, 2025
Equity [Abstract] |
SHARE CAPITAL | SHARE CAPITAL Ordinary Shares The Company’s authorized share capital is 125,000,000 ordinary shares, par value of $0.10 per share. The following table is a summary of changes in ordinary shares issued and outstanding for the six months ended June 30, 2025 and 2024:
| 2025 |  | 2024
Balance – beginning of period | 34,831,324 |  |  | 35,336,732 |
Issue of shares for vested RSUs (see Note 11) | 100,793 |  |  | 74,357 |
Forfeiture of restricted shares (see Note 11) | (376,686) |  |  | (89,945) |
Repurchase of ordinary shares | (357,278) |  |  | — |
Balance – end of period | 34,198,153 |  |  | 35,321,144 |
Share Repurchase Plan On May 2, 2025, the Board of Directors re-approved the share repurchase plan, until June 30, 2026, authorizing the Company to repurchase up to $25.0 million of ordinary shares in the open market, through privately negotiated transactions or Rule 10b5-1 stock trading plans. Any shares repurchased are canceled immediately upon repurchase. For the six months ended June 30, 2025, the Company repurchased 357,278 ordinary shares for $5.0 million. There was no share repurchase for the same period in 2024. Preferred Shares The Company’s authorized share capital also consists of 50,000,000 preference shares with a par value of $0.10 each. At June 30, 2025, the Company has no issued and outstanding preferred shares.

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