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Earnings per Share | 12 Months Ended
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Dec. 31, 2021
Earnings Per Share [Abstract] |
Earnings per Share |
| 2 5. | EARNINGS PER SHARE
For the years ended December 31, 2021, 2020 and 2019, earnings per share (“EPS”) was calculated as follows:
|  | Year ended December 31, 2021 |  |  | Year ended December 31, 2020 |  |  | Year ended December 31, 2019 |
Basic EPS |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to parent company |  |  | 2,000 |  |  |  | 1,106 |  |  |  | 1,032 |
Weighted average number of shares outstanding |  |  | 904,332,429 |  |  |  | 894,578,477 |  |  |  | 894,297,697 |
Basic EPS |  |  | 2.21 |  |  |  | 1.24 |  |  |  | 1.15 |
Diluted EPS |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to parent company |  |  | 2,000 |  |  |  | 1,106 |  |  |  | 1,032 |
Weighted average shares outstanding |  |  | 904,332,429 |  |  |  | 894,578,477 |  |  |  | 894,297,697 |
Dilutive effect of stock awards |  |  | 9,107,124 |  |  |  | 8,860,216 |  |  |  | 7,014,595 |
Dilutive effect of convertible bonds |  |  | 11,402,645 |  |  |  | 16,291,279 |  |  |  | 2,333,493 |
Number of shares used in calculating diluted EPS |  |  | 924,842,198 |  |  |  | 919,729,972 |  |  |  | 903,645,785 |
Diluted EPS |  |  | 2.16 |  |  |  | 1.20 |  |  |  | 1.14 |
The Company applies the treasury method to determine the dilutive effect of convertible bonds as past experience, existing stated policies and the contractual terms of the bonds provide a reasonable basis to expect that the settlement will include cash, shares or a mix of both. According to the treasury method, the dilutive effect of the convertible bonds is included in the denominator of diluted EPS for the amount of shares transferred assuming a net-share settlement. With a stock price at $48.88 when measured as at December 31, 2021, the bondholders’ conversion option of the senior unsecured convertible bonds issued on August 4, 2020 was in-the-money, resulting in case of conversion at that price, in an equity spread of $153 million.

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