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Earnings per Share | 12 Months Ended
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Dec. 31, 2022
Earnings Per Share [Abstract] |
Earnings per Share |
| 2 4. | EARNINGS PER SHARE
For the years ended December 31, 2022, 2021 and 2020, earnings per share (“EPS”) was calculated as follows:
|  | Year ended December 31, 2022 |  |  | Year ended December 31, 2021 |  |  | Year ended December 31, 2020 |
Basic EPS |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to parent company as reported |  |  | 3,960 |  |  |  | 2,000 |  |  |  | 1,106 |
Weighted average number of shares outstanding |  |  | 905,606,885 |  |  |  | 904,332,429 |  |  |  | 894,578,477 |
Basic EPS |  |  | 4.37 |  |  |  | 2.21 |  |  |  | 1.24 |
Diluted EPS |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to parent company as reported |  |  | 3,960 |  |  |  | 2,000 |  |  |  | 1,106 |
add-back interest expense, net of income tax effect |  |  | 2 |  |  |  | — |  |  |  | — |
Net income attributable to parent company as adjusted |  |  | 3,962 |  |  |  | 2,000 |  |  |  | 1,106 |
Weighted average shares outstanding |  |  | 905,606,885 |  |  |  | 904,332,429 |  |  |  | 894,578,477 |
Dilutive effect of stock awards |  |  | 6,789,662 |  |  |  | 9,107,124 |  |  |  | 8,860,216 |
Dilutive effect of convertible bonds |  |  | 33,825,000 |  |  |  | 11,402,645 |  |  |  | 16,291,279 |
Number of shares used in calculating diluted EPS |  |  | 946,221,547 |  |  |  | 924,842,198 |  |  |  | 919,729,972 |
Diluted EPS |  |  | 4.19 |  |  |  | 2.16 |  |  |  | 1.20 |
On January 1, 2022, the Company adopted the new guidance on distinguishing liabilities from equity and EPS by applying the modified retrospective method, under which prior year periods are not restated. Under the previous guidance, the Company applied the treasury stock method to determine the dilutive effect of convertible bonds as past experience, existing stated policies, and the contractual terms of the bonds provided a reasonable basis to expect that the settlement would include cash, shares, or a mix of both. With the adoption of the new guidance, the treasury stock method is no longer admitted and the application of the if-converted method is mandatory to determine the dilutive effect of convertible bonds. The senior unsecured convertible bonds issued on August 4, 2020 are consequently fully dilutive, with the total underlying shares presented in the line “Dilutive effect of convertible bonds” of the table above for the year ended December 31, 2022.

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