Earnings (Loss)Per Share

12 Months Ended

Dec. 31, 2023

13. EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per ordinary share from continuing operations is calculated based upon net income (loss) from continuing operations available to holders of ordinary shares divided by the weighted average number of ordinary shares outstanding. Basic loss per ordinary share from discontinued operations, is calculated based upon net loss from discontinued operations available to holders of ordinary shares, divided by the weighted average number of ordinary shares outstanding. For the calculation of diluted earnings (loss) per ordinary share from continuing operations and discontinuing operations, the Company utilizes the treasury stock method and adjusts the weighted average number of ordinary shares outstanding for the potential dilutive effect of outstanding ordinary share equivalents such as stock options and RSUs.


	Year Ended December 31,
(In thousands)	2023			2022 (1)			2021 (1)
Numerator:
Net income (loss) from continuing operations	$	519,157		$	(33,152	)	$	76,401
Net (loss) discontinued operations		(163,400	)		(125,115	)		(124,570	)
Net income (loss)	$	355,757		$	(158,267	)	$	(48,169	)
Denominator:
Weighted average number of ordinary shares outstanding		166,223			163,742			160,942
Effect of dilutive securities:
Stock options		1,093			—			633
Restricted stock unit awards		2,414			—			3,178
Dilutive ordinary share equivalents		3,507			—			3,811
Shares used in calculating diluted earnings (loss) per ordinary share		169,730			163,742			164,753

(1)

Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.

The following potential ordinary share equivalents were not included in the net loss per share calculation because the effect would have been anti-dilutive:


	Year Ended December 31,
(In thousands)	2023		2022		2021 (1)
Stock options		12,422		12,777		14,161
Restricted stock unit awards		2,378		5,040		804
Total		14,800		17,817		14,965

(1)

Prior period amounts have been retrospectively adjusted to reflect the effects of the Separation.