v3.25.3
EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2025
Earnings per share (Note 10):  
EARNINGS PER SHARE

10. EARNINGS PER SHARE

 

The following tables provide a reconciliation of the data used in the calculation of basic and diluted ordinary shares outstanding for the three-month period ended September 30, 2025, the three-month period ended September 30, 2024, the nine-month period ended September 30, 2025, and the nine-month period ended September 30, 2024, respectively.

 

Date  Transaction Detail  Change in Shares  

Three-month

period ended

September 30, 2025,

Weighted Average
Ordinary Shares
Outstanding

 
July 1, 2025  Beginning Balance        96,452,967 
July 1, 2025  Warrant exchange (Note 9)   3,543,571    3,505,054 
August 14, 2025  Equity-classified Restricted Stock Issuance   777,245    397,071 
September 5, 2025  Equity-classified Restricted Stock Issuance   1,977    537 
September 12, 2025  Equity-classified Restricted Stock Issuance   1,999    391 
September 30, 2025  Ending Balance        100,356,020 

 

Date  Transaction Detail 

Change in

Shares

  

Three-month

period ended

September 30, 2024,

Weighted
Average
Ordinary
Shares
Outstanding

 
July 1, 2024  Beginning Balance        95,408,453 
August 14, 2024  Equity-classified Restricted Stock Issuance   38,758    19,800 
September 30, 2024  Ending Balance        95,428,253 

 

 

Date  Transaction Detail  Change in Shares  

Nine-month

period ended

September 30, 2025,

Weighted Average
Ordinary Shares
Outstanding

 
January 1, 2025  Beginning Balance        96,045,856 
January 6, 2025  Settlement of liability-classified share-based compensation   61,353    60,005 
February 17, 2025  Equity-classified Restricted Stock Issuance   666    549 
February 27, 2025  Equity-classified Restricted Stock Issuance   1,000    788 
March 17, 2025  Equity-classified Restricted Stock Issuance   12,430    8,970 
March 18, 2025  Equity-classified Restricted Stock Issuance   231,661    166,321 
April 22, 2025  Settlement of liability-classified share-based compensation   100,001    58,975 
July 1, 2025  Warrant exchange (Note 9)   3,543,571    1,181,190 
August 14, 2025  Equity-classified Restricted Stock Issuance   777,245    133,811 
September 5, 2025  Equity-classified Restricted Stock Issuance   1,977    181 
September 12, 2025  Equity-classified Restricted Stock Issuance   1,999    131 
September 30, 2025  Ending Balance        97,656,777 

 

Date  Transaction Detail 

Change in

Shares

  

Nine-month

period ended
September 30, 2024,

Weighted
Average
Ordinary
Shares
Outstanding

 
January 1, 2024  Beginning Balance        94,996,397 
January 9, 2024  Equity-classified Restricted Stock Issuance   333    322 
March 17, 2024  Equity-classified Restricted Stock Issuance   12,751    9,168 
March 18, 2024  Equity-classified Restricted Stock Issuance   242,455    173,435 
March 19, 2024  Equity-classified Restricted Stock Issuance   235,741    167,772 
April 1, 2024  Equity-classified Restricted Stock Issuance   1,774    1,198 
April 23, 2024  Equity-classified Restricted Stock Issuance   1,333    778 
May 2, 2024  Return of shares from W.D. Van Gonten Engineering   (82,331)   (45,372)
August 14, 2024  Equity-classified Restricted Stock Issuance   38,758    6,648 
September 30, 2024  Ending Balance        95,310,346 

 

 

The following tables provide the computation of basic and diluted earnings per share (“EPS”), for the three-month period ended September 30, 2025, the three-month period ended September 30, 2024, the nine-month period ended September 30, 2025, and the nine-month period ended September 30, 2024, respectively.

 

   For the three-month period ended 
   September 30, 2025   September 30, 2024 
   Net income to Ordinary Shareholders   Weighted-average ordinary shares outstanding   EPS   Net income to Ordinary Shareholders   Weighted-average ordinary shares outstanding   EPS 
                         
Basic EPS - ordinary shares  $17,737    100,356,020   $0.18   $20,618    95,428,253   $0.22 
Restricted stock units        368,270              225,705      
Antidilution sequencing - subtotal   17,737    100,724,290    0.18    20,618    95,653,958    0.22 
35,540,380 warrants @ $5.75 per half share                       -      
Diluted EPS - ordinary shares  $17,737    100,724,290   $0.18   $20,618    95,653,958   $0.22 

 

   For the nine-month period ended 
   September 30, 2025   September 30, 2024 
   Net income to Ordinary Shareholders   Weighted-average ordinary shares outstanding   EPS   Net income to Ordinary Shareholders   Weighted-average ordinary shares outstanding   EPS 
                         
Basic EPS - ordinary shares  $43,329    97,656,777   $0.44   $49,473    95,310,346   $0.52 
Restricted stock units        294,401              214,412      
Antidilution sequencing - subtotal   43,329    97,951,178    0.44    49,473    95,524,758    0.52 
35,540,380 warrants @ $5.75 per half share                       -      
Diluted EPS - ordinary shares  $43,329    97,951,178   $0.44   $49,473    95,524,758   $0.52 

 

Prior to the announcement of the exchange offer on May 30, 2025 (Note 9), potentially dilutive warrants had no impact on the determination of dilutive earnings per share as these potential ordinary shares were antidilutive for the three- and the nine-month periods ended September 30, 2024, respectively.

 

In addition to the warrants, the Company also had 2,359,397, 1,324,737, 2,267,131, and 664,443 restricted stock units excluded from dilutive ordinary shares for the three-month period ended September 30, 2025, three-month period ended September 30, 2024, nine-month period ended September 30, 2025, and nine-month period ended September 30, 2024, respectively, as they were assumed repurchased through the impact of unrecognized share-based compensation cost.