EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

20.	EARNINGS PER SHARE

Basic earnings per share for each of the periods presented is calculated as follows:

	Year ended December 31,
	2023 $		2024 $		2025 $

Numerator:
Net income attributable to ordinary shareholders		150,726		444,321		1,578,149

Denominator:
Weighted-average number of shares outstanding – basic		566,612,815		574,966,327		595,023,879

Basic earnings per share:		0.27		0.77		2.65

Dilutive earnings per share for each of the periods presented is calculated as follows:

	Year ended December 31,
	2023 $		2024 $			2025 $

Numerator:
Net income attributable to ordinary shareholders		150,726		444,321			1,578,149
Less: interest on dilutive convertible notes		–		(1,670	)		(32,177	)
Net income used in computing diluted earnings per share		150,726		445,991			1,610,326

Denominator:
Weighted-average number of shares outstanding – basic		566,612,815		574,966,327			595,023,879
Add: share options		27,486,226		23,660,416			23,739,810
Add: RSAs and RSUs		306,563		3,385,263			5,354,608
Add: dilutive convertible notes		–		2,701,974			14,108,844
Weighted-average number of shares outstanding – diluted		594,405,604		604,713,980			638,227,141

Diluted earnings per share:		0.25		0.74			2.52

The following potential common shares were excluded from calculation of diluted net earnings per share because their effect would have been anti-dilutive for the periods presented:

	Year ended December 31,
	2023		2024		2025

Share options		32,342,730		19,421,360		15,519,576
RSAs/RSUs		10,547,669		10,494,737		3,338,942
Convertible notes		20,588,810		16,033,265		–
		63,479,209		45,949,362		18,858,518

The denominator for diluted earnings per share for the years ended December 31, 2023, 2024 and 2025 does not include any effect from the Capped Calls (Note 13) because it would be anti-dilutive. In the event of conversion of any or all of the 2024 Convertible Notes and 2025 Convertible Notes, the shares that would be delivered to the Company under the Capped Calls are designed to neutralize the dilutive effect of the shares that the Company would issue under the convertible notes.