EARNINGS PER SHARE AND EQUITY

9 Months Ended

Sep. 30, 2024

14. EARNINGS PER SHARE AND EQUITY

Basic earnings per ordinary share (“EPS”) is calculated by dividing net income attributable to shareholders by the weighted average number of ordinary shares outstanding, plus any participating securities. Diluted EPS is calculated by dividing net income attributable to shareholders by the weighted average number of ordinary shares outstanding, plus any participating securities and potentially dilutive securities. Potentially dilutive securities are calculated using the treasury stock method.

The calculation of basic and diluted EPS is presented below:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except share and per share data)	2024		2023		2024		2023
Net income (loss)	$	86,482	$	41,307	$	(93,766)	$	125,457
Less: Dividends on preferred shares	8,335		8,334		25,005		23,460
Net income (loss) attributable to shareholders	$	78,147	$	32,973	$	(118,771)	$	101,997
Weighted Average Ordinary Shares Outstanding - Basic	102,380,659		99,927,594		101,199,356		99,796,736
Weighted Average Ordinary Shares Outstanding - Diluted	103,395,348		100,482,309		101,199,356		100,269,203

Earnings (loss) per share:
Basic	$	0.76	$	0.33	$	(1.17)	$	1.02
Diluted	$	0.76	$	0.33	$	(1.17)	$	1.02

For both the three months ended September 30, 2024 and 2023, 0 shares, and for the nine months ended September 30, 2024 and 2023, 859,940 and 0 shares, respectively, were excluded from the calculation of diluted EPS due to an anti-dilutive impact.

During the three months ended September 30, 2024 and 2023, 482 and 0 ordinary shares, respectively, and for the nine months ended September 30, 2024 and 2023, 4,852 and 18,457 ordinary shares, respectively, were issued to certain directors as compensation.