Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 227

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 227
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 — — 5,493,538 Weighted average shares outstanding - diluted34,653,453 34,797,859 39,769,790 Anti-dilutive stock options outstanding870,319 652,140 690,337 Earnings per share:  Basic$1.26 $2.55 $0.75   Diluted1.242.500.73

13.    NET INVESTMENT INCOME 

The following table provides a breakdown of net investment income:Years ended December 31, 202420232022Interest and dividend income, net of withholding taxes and other expenses$32,425 $35,629 $4,466 Investment income (loss) from Lloyd's syndicates14,447 6,041 (5,789)Net realized and unrealized gains (losses) on other investments (see Note 4)(918)1,738 9,858 Net investment income45,954 43,408 8,535 Share of Solasglas' net income (see Note 3)33,605 28,696 54,844 Total investment income$79,559 $72,104 $63,379 

F-44

14.    INCOME TAXES 

Components of Income TaxesThe following table shows the breakdown of the Company’s current and deferred income tax benefit (expense) on a consolidated basis:Year ended December 31,202420232022Current tax (expense) benefit:  Europe$(611)$(587)$(30)  U.S.(138)(100)846 Deferred tax (expense) benefit:  Europe— (1,698)(442)  U.S.— — — Decrease in deferred tax valuation allowance— 2,285 442 Income tax (expense) benefit $(749)$(100)$816 Under current Cayman Islands law, no corporate entity, including GLRE and Greenlight Re, is obligated to pay taxes in the Cayman Islands on either income or capital gains. The Company has an undertaking from the Governor-in-Cabinet of the Cayman Islands, pursuant to the provisions of the Tax Concessions Act, as amended, that, in the event that the Cayman Islands enacts any legislation that imposes a tax on profits, income, gains, or appreciations, or any tax in the nature of estate duty or inheritance