Earnings per share

6 Months Ended

Sep. 30, 2022

Earnings/Loss per share

Basic

Basic earnings/loss per share is calculated by dividing the income/loss attributable to ordinary shareholders of the parent by the weighted average number of ordinary shares in issue during the period.

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


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2022		2021		2022
Numerator (basic)
Net income/(loss) attributable to MiX Telematics Limited stockholders	$	1,299	$	(1,206)	$	4,830	$	(528)
Denominator (basic)
Weighted-average number of ordinary shares in issue and outstanding	552,386		552,210		552,124		551,792
Basic earnings/(loss) per share	$	0.002	$	(0.002)	$	0.009	$	(0.001)

American Depository Shares*:
Net income/(loss) attributable to MiX Telematics Limited stockholders	$	1,299	$	(1,206)	$	4,830	$	(528)
Weighted-average number of American Depository Shares in issue and outstanding	22,095		22,088		22,085		22,072
Basic earnings/(loss) per American Depository share	$	0.06	$	(0.05)	$	0.22	$	(0.02)
*One American Depository Share is the equivalent of 25 ordinary shares.

Diluted

Diluted earnings/loss per share is calculated by dividing the diluted income/loss attributable to ordinary shareholders by the diluted weighted average number of ordinary shares in issue during the period. Stock options, retention shares and stock appreciation rights granted to directors and employees are considered to be potential ordinary shares. They have been included in the determination of diluted earnings/loss per share if the required target share price or annual shareholder return hurdles (as applicable) would have been met based on the performance up to the reporting date, and to the extent to which they are dilutive.

Adjustments for stock appreciation rights and restricted share units are excluded from the calculation of diluted loss per share and per American Depository share in the table below for the three and six months ended September 30, 2022 as the effect would have been anti-dilutive.


	Three Months Ended September 30,				Six Months Ended September 30,
	2021		2022		2021		2022
Numerator (diluted)
Diluted net income/(loss) attributable to MiX Telematics Limited stockholders	$	1,299	$	(1,206)	$	4,830	$	(528)
Denominator (diluted)
Weighted-average number of ordinary shares in issue and outstanding	552,386		552,210		552,124		551,792
Adjusted for:
– potentially dilutive effect of stock appreciation rights (1)	11,778		—		11,809		—
– potentially dilutive effect of restricted share units (1)	1,458		—		1,389		—

Diluted-weighted average number of ordinary shares in issue and outstanding	565,622		552,210		565,322		551,792
Diluted earnings/(loss) per share	$	0.002	$	(0.002)	$	0.009	$	(0.001)

American Depository Shares*:
Diluted net income/(loss) attributable to MiX Telematics Limited stockholders	$	1,299	$	(1,206)	$	4,830	$	(528)
Diluted weighted-average number of American Depository Shares in issue and outstanding	22,625		22,088		22,613		22,072
Diluted earnings/(loss) per American Depository share	$	0.06	$	(0.05)	$	0.21	$	(0.02)

(1) Excluded from the calculation of diluted loss per share for the three and six months ended September 30, 2022 as the effect would have been anti-dilutive.

*One American Depository Share is the equivalent of 25 ordinary shares.