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SHARE CAPITAL
 6 Months Ended
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:
 20252024
Balance – beginning of period34,831,324 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 period34,198,153 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.