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EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share

 

 

For the Three Months Ended March 31,

 

 

 

2025

 

 

2024

 

Net (loss) income per share – basic

 

 

 

 

 

 

Net (loss) income (thousands of U.S. dollars)

 

$

(661

)

 

$

3,045

 

Weighted average number of shares outstanding (thousands of shares)

 

 

191,580

 

 

 

183,668

 

Net (loss) income per share (U.S. dollars) − basic

 

$

(0.00

)

 

$

0.02

 

 

 

 

 

 

 

 

Net (loss) income per share − diluted

 

 

 

 

 

 

Net (loss) income (thousands of U.S. dollars)

 

$

(661

)

 

$

3,045

 

Interest on convertible debentures

 

NA

 

 

 

843

 

 

$

(661

)

 

$

3,888

 

Weighted average number of shares outstanding (thousands of shares)

 

 

191,580

 

 

 

183,668

 

Dilutive debentures on convertible debt (thousands of shares) (1)

 

 

-

 

 

 

96,690

 

Dilutive RSUs and PRSUs (thousands of shares) (2)

 

 

-

 

 

 

3,775

 

Dilutive New DSUs (thousands of shares) (2)

 

 

-

 

 

 

2,292

 

Dilutive PSUs (thousands of shares) (2)

 

 

-

 

 

 

1,846

 

Dilutive options (thousands of shares) (2)

 

 

-

 

 

 

208

 

Weighted average number of shares outstanding (thousands of shares)

 

 

191,580

 

 

 

288,479

 

Net (loss) income per share (U.S .dollars) − diluted

 

$

(0.00

)

 

$

0.01

 

 

(1) For the three months ended March 31, 2024, the Net income per share - diluted includes the effect of 96.7 million shares that would be issued if the principal amount of the Debentures was settled in our common shares at the quarter end price as they would have the potential to dilute

basic income per share. For the three months ended March 31, 2025, the Net loss per share − diluted excludes the effect of 31.4 million shares related to the Debentures as they would be anti-dilutive.

(2) For the three months ended March 31, 2024, the Net income per share − diluted includes the effect of 3.8 million RSUs and PRSUs, 2.3 million New DSUs, 1.8 million PSUs and 0.2 million options as they would have the potential to dilute basic income per share. For the three months ended March 31, 2025, the Net loss per share − diluted excludes the effect of 6.6 million RSUs, 3.0 million New DSUs, and 1.8 million PSUs as they would be anti-dilutive.