Earnings per share (Tables)

12 Months Ended

Mar. 31, 2022

The net income and weighted average number of shares used in the calculation of basic and diluted earnings per share are as follows (in thousands, except per share data):


	As of March 31,
	2020		2021		2022

Numerator (basic)
Net income attributable to MiX Telematics Limited stockholders	$	10,987	$	14,595	$	8,947
Denominator (basic)
Weighted average number of ordinary shares in issue and outstanding	553,653		549,415		551,923
Basic earnings per share	$	0.02	$	0.03	$	0.02

American Depository Shares (1):
Net income attributable to MiX Telematics Limited stockholders	$	10,987	$	14,595	$	8,947
Weighted average number of American Depository Shares in issue and outstanding	22,146		21,977		22,077
Basic earnings per American Depository Share	$	0.50	$	0.66	$	0.41

(1) One American Depository Share is the equivalent of 25 ordinary shares.

Schedule of Diluted Earnings Per Share


	As of March 31,
	2020		2021		2022
Numerator (diluted)
Diluted net income attributable to MiX Telematics Limited stockholders	$	10,987	$	14,595	$	8,947
Denominator (diluted)
Weighted average number of ordinary shares in issue and outstanding	553,653		549,415		551,923
Adjusted for:
– potentially dilutive effect of stock appreciation rights	12,560		9,872		10,531
– potentially dilutive effect of restricted share units	—		774		1,504
– potentially dilutive effect of stock options	1,666		562		—
Diluted weighted average number of ordinary shares in issue and outstanding	567,879		560,624		563,958
Diluted earnings per share	$	0.02	$	0.03	$	0.02

American Depository Shares (1):
Diluted net income attributable to MiX Telematics Limited stockholders	$	10,987	$	14,595	$	8,947
Diluted weighted average number of American Depository Shares in issue and outstanding	22,715		22,425		22,558
Diluted earnings per American Depository Share	$	0.48	$	0.65	$	0.40

(1) One American Depository Share is the equivalent of 25 ordinary shares.