Earnings Per Share ("EPS")

3 Months Ended

Jun. 30, 2025

Earnings Per Share ("EPS"):

Earnings Per Share ("EPS")

15. Earnings Per Share (“EPS”)

Basic EPS represents net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period. Our restricted stock shares include rights to receive dividends that are subject to the risk of forfeiture if service requirements are not satisfied, thus these shares are not considered participating securities and are excluded from the basic weighted-average shares outstanding calculation. Diluted EPS represent net income attributable to common shareholders divided by the weighted average number of common shares outstanding during the measurement period while also giving effect to all potentially dilutive common shares that were outstanding during the period.

The calculations of basic and diluted EPS for the periods presented are as follows:

	Three months ended
(In U.S. dollars except share data)	June 30, 2025		June 30, 2024
Numerator:
Net income	$	10,082,101	$	51,288,140
Denominator:
Basic weighted average number of common shares outstanding		42,427,473		40,905,196
Effect of dilutive restricted stock and restricted stock units		60,551		210,471
Diluted weighted average number of common shares outstanding		42,488,024		41,115,667
EPS:
Basic	$	0.24	$	1.25
Diluted	$	0.24	$	1.25

There were 186,733 shares of unvested restricted stock excluded from the calculation of diluted EPS because the effect of their inclusion would be anti-dilutive for the three months ended June 30, 2025 and no shares of unvested restricted stock were excluded from the calculation of diluted EPS for anti-dilution for the three months ended June 30, 2024.