Annual report pursuant to Section 13 and 15(d)

EARNINGS PER SHARE

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EARNINGS PER SHARE
 12 Months Ended
Dec. 31, 2022
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
Basic earnings per share represents income available to ordinary shareholders divided by the weighted average number of Ordinary Shares outstanding during the reported period. Diluted earnings per share is based upon the weighted-average number of Ordinary Shares outstanding during the period plus additional weighted-average potentially dilutive Ordinary Share equivalents during the period when the effect is dilutive.
Basic and diluted weighted average shares outstanding and earnings per share were as follows (in thousands, except share and per share data):
Successor Predecessor
Year Ended December 31, 2022
November 9, 2021
Through
December 31, 2021
January 1, 2021
Through
November 8, 2021
 Year Ended December 31, 2020
Net income (loss) $ 91,758  $ (682,149) $ 20,629  $ 24,249 
Weighted-average shares outstanding:
Weighted average shares used in computing earnings per share, basic 160,937,575  157,158,579  53,045,510  53,045,510 
Founders advisory fees 14,142,366  —  —  — 
Weighted average shares used in computing earnings per share, diluted 175,079,941  157,158,579  53,045,510  53,045,510 
Basic earnings per share $ 0.57  $ (4.34) $ 0.39  $ 0.46 
Diluted earnings per share $ 0.52  $ (4.34) $ 0.39  $ 0.46 
As of December 31, 2022, 10.3 million PBNQSO and 22.4 million Ordinary Shares issuable under the Founder Advisory Agreement were excluded from the diluted earnings per share calculation as the contingencies related to such instruments had not been met. In addition, 8.5 million Ordinary Shares equivalent Warrants were excluded from the diluted earnings per share calculation as their effect would have been anti-dilutive. As of December 31, 2021, 8.8 million PBNQSO were excluded from the diluted earnings per share calculation as the contingencies related to such instruments had not been met. In addition, 8.5 million Ordinary Shares equivalent Warrants were excluded from the diluted earnings per share calculation as their effect would have been anti-dilutive.