Note 8 - Earnings Per Share

12 Months Ended

Dec. 31, 2023

Statement Line Items [Line Items]

Earnings per share [text block]

Note 8. Earnings Per Share

Basic earnings per share is calculated by dividing the net income or loss for the year attributable to ordinary equity holders of Opera Limited by the weighted average number of ordinary shares outstanding during the year. Diluted earnings per share is calculated by dividing the net income or loss attributable to ordinary equity holders of Opera Limited by the weighted average number of ordinary shares outstanding during the year plus the number of ordinary shares that would be issued pursuant to Opera’s employee equity program based on period-average employee equity awards. The net dilutive effect of these awards is determined by application of the treasury stock method related to the share equivalents of unrecognized share compensation expense on employee equity grants outstanding at period end.

Opera Limited has American depositary shares (ADSs) listed on the Nasdaq Global Select Market. Each ADS represents two ordinary shares in the Company.

The following table shows the income and share data used in the basic and diluted earnings per ADS and per share calculations (in thousands, except share and per share data):

	Year ended December 31,
	2021			2022			2023
Net income (loss) attributable to owners of the parent:
Income (loss) from continuing operations	$	(43,149	)	$	15,035		$	153,301
Loss from discontinued operations		(816	)		-			-
Net income (loss) attributable to owners of the parent	$	(43,964	)	$	15,035		$	153,301
Basic and diluted weighted-average number of ordinary shares in the period: (1)
Issued ordinary shares at beginning of period		228,285,684			230,291,732			178,430,242
Effect of shares issued (Note 4)		2,165,283			1,580,952			2,007,850
Effect of shares bought to treasury (Note 16)		(164,324	)		(12,914,508	)		(1,926,286	)
Basic weighted-average number of ordinary shares in the period		230,286,642			218,958,176			178,511,806
Effect of employee equity grants (Note 4) (2)		-			1,706,927			3,331,410
Diluted weighted-average number of ordinary shares in the period		230,286,642			220,665,102			181,843,216
ADS equivalent of basic weighted-average number of ordinary shares in the period		115,143,321			109,479,088			89,255,903
ADS equivalent of diluted weighted-average number of ordinary shares in the period		115,143,321			110,332,551			90,921,608

(1)	The number of ordinary shares outstanding in the periods, and its ADS equivalent, are presented in the Statement of Changes in Equity.
(2)	In 2021, the number of diluted weighted-average number of ordinary shares, and its ADS equivalent, excluded the effect of 2,766,525 ADSs that would be issued at the vesting of the employee equity grants because these potential shares would have had anti-dilutive effects on the diluted net loss per ADS and per share.

	Year ended December 31,
	2021			2022		2023
Earnings per ADS and per ordinary share for income (loss) from continuing operations:
Basic earnings per ADS	$	(0.37	)	$	0.14	$	1.72
Diluted earnings per ADS	$	(0.37	)	$	0.14	$	1.69
Basic earnings per ordinary share	$	(0.19	)	$	0.07	$	0.86
Diluted earnings per ordinary share	$	(0.19	)	$	0.07	$	0.84
Earnings per ADS and per ordinary share for net income (loss):
Basic earnings per ADS	$	(0.38	)	$	0.14	$	1.72
Diluted earnings per ADS	$	(0.38	)	$	0.14	$	1.69
Basic earnings per ordinary share	$	(0.19	)	$	0.07	$	0.86
Diluted earnings per ordinary share	$	(0.19	)	$	0.07	$	0.84