Years Ended December 31,

2019

2020

2021

(In Thousands of U.S. Dollars, except share and per share data)

Numerator:

Net income attributable to Canadian Solar Inc. — basic

$

171,585

$

146,703

$

95,248

Dilutive effect of convertible notes

975

1,518

5,300

Net income attributable to Canadian Solar Inc. — diluted

$

172,560

$

148,221

$

100,548

Denominator:

Denominator for basic calculation — weighted average number of common shares — basic

59,633,855

59,575,898

61,614,391

Diluted effects of share number from share options and RSUs

794,526

897,258

985,554

Dilutive effects of share number from convertible notes

349,315

1,833,663

6,272,157

Denominator for diluted calculation — weighted average number of common shares — diluted

60,777,696

62,306,819

68,872,102

Basic earnings per share

$

2.88

$

2.46

$

1.55

Diluted earnings per share

$

2.83

$

2.38

$

1.46