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NET INCOME/(LOSS) PER SHARE
12 Months Ended
Dec. 31, 2023
NET INCOME/(LOSS) PER SHARE  
NET INCOME/(LOSS) PER SHARE

2. NET INCOME/(LOSS) PER SHARE

Basic net income/(loss) per Class A and Class B ordinary share for the years ended December 31, 2021, 2022 and 2023 is computed on the basis of the weighted average number of ordinary shares outstanding using the two class method. Basic net income/(loss) per share is computed using the weighted average number of ordinary shares outstanding during the period and including vested restricted share units and shares that will be delivered as part of the restructuring of the Company’s convertible notes in June 2022. Diluted net income/(loss) per ordinary share is computed using the dilutive effect of share-based awards calculated using the “treasury stock” method and the dilutive effect of convertible debt restructuring under the if-converted method.

The computation of the diluted net income/(loss) per Class A share assumes the conversion of Class B shares, while the diluted net income/(loss) per Class B share does not assume the conversion of those shares. The net income/(loss) per share amounts are the same for Class A and Class B shares because the holders of each class are legally entitled to equal per share distributions whether through dividends or in liquidation. The number of share-based awards excluded from the diluted net income/(loss) per ordinary share computation, because their effect was anti-dilutive for the years ended December 31, 2021, 2022 and 2023, was 16,368,866, 7,895,305 and 3,785,706, respectively.

In June 2022, the Group completed the repurchase of 93.2% in aggregate principal amount of the Group’s 0.75% convertible notes due to March 3, 2025 (the “Notes”) and accounted for the modification of all the Notes. The Group has to date repurchased more than 99% in aggregate principal amount of the Notes originally issued. Prior to the modification, the convertible debt is included in the calculation of diluted net income per share under the if-converted method.

The components of basic and diluted net (loss)/income per share were as follows:

Year ended December 31, 

2021

2022

2023

Class A

Class B

Class A

Class B

Class A

Class A

Class B

Class B

    

RUB

    

RUB

    

RUB

    

RUB

    

RUB

    

$

    

RUB

    

$

Net (loss)/income, allocated for basic

(13,224)

(1,445)

35,637

3,828

17,957

    

200.2

    

1,913

    

21.3

Reallocation of net (loss)/income as a result of conversion of Class B to Class A shares

 

(1,445)

 

 

3,828

 

 

1,913

    

21.3

    

    

Reallocation of net income to Class B shares

(882)

(12)

(0.1)

Effect of convertible debt restructuring, net of tax

(8,348)

Net (loss)/income, allocated for diluted

 

(14,669)

 

(1,445)

 

31,117

 

2,946

 

19,870

    

221.5

    

1,901

    

21.2

Weighted average ordinary shares used in per share computation — basic

 

326,683,201

 

35,703,468

 

332,321,580

 

35,698,674

 

335,141,012

    

335,141,012

    

35,698,674

    

35,698,674

Effect of:

Conversion of Class B to Class A shares

35,703,468

35,698,674

35,698,674

35,698,674

Incremental shares under the if-converted method

 

 

 

2,694,657

 

 

    

    

    

Share-Based Awards

 

 

 

6,305,374

 

 

2,219,542

    

2,219,542

    

    

Weighted average ordinary shares used in per share computation — diluted

 

362,386,669

 

35,703,468

 

377,020,285

 

35,698,674

 

373,059,228

    

373,059,228

    

35,698,674

    

35,698,674

Net (loss)/income per share attributable to ordinary shareholders:

Basic

 

(40.48)

 

(40.48)

 

107.24

 

107.24

 

53.58

    

0.60

    

53.58

    

0.60

Diluted

 

(40.48)

 

(40.48)

 

82.53

 

82.53

 

53.26

    

0.59

    

53.26

    

0.59