Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 39

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 39
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2025, net favorable prior year reserve development of $4 million was recognized.2024For the three months ended March 31, 2024, net prior year reserve development of $nil was recognized.

39

Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)7.    EARNINGS PER COMMON SHARE

The following table presents a comparison of earnings per common share and earnings per diluted common share:Three months ended March 31,  20252024Earnings per common shareNet income$194,071 $395,459 Less: Preferred share dividends7,563 7,563 Net income available to common shareholders$186,508 $387,896 Weighted average common shares outstanding81,152 84,879 Earnings per common share$2.30 $4.57 Earnings per diluted common shareNet income available to common shareholders$186,508 $387,896 Weighted average common shares outstanding 81,152 84,879     Share-based compensation plans1,226 814 Weighted average diluted common shares outstanding82,378 85,693 Earnings per diluted common share$2.26 $4.53 Weighted average anti-dilutive shares excluded from the dilutive computation— 748 

8.    SHARE-BASED COMPENSATION

Performance Restricted Stock UnitsPerformance Restricted Stock Units granted in 2025 with a market conditionCertain share-settled performance restricted stock units granted in 2025 include a market condition which is the Company’s total shareholder return relative to its peer group ("Relative TSR") over the performance period. Relative TSR is calculated in accordance with the terms of the applicable award agreement. If performance goals are achieved, these awards will cliff vest at the end of a three-year performance period within a range of 0% to 200% of target. Performance Restricted Stock Units granted in 2025 with a performance conditionCertain share-settled performance restricted stock units granted in 2025 include a performance condition which is the Company’s average annual growth in book value per diluted common share, plus accumulated dividends over the performance period, adjusted to exclude unrealized investment gains (losses) recognized in accumulated other comprehensive income (loss), and share repurchases during the performance period ("Adjusted DBVPS"). Adjusted DBVPS is calculated in accordance with the terms of the applicable award agreement. If performance goals