Company: MHLA
Filing Date: 2025-05-12
Form Type: 10-Q
Source: 0001412100-25-000043
Chunk: 59

Company: Maiden Holdings, Ltd.
Filing Date: 2025-05-12
Form: 10-Q
Item: Item 1
Chunk 59
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 Earnings per Common Share

The following shows a summary of the elements used in calculating basic and diluted earnings per common share for the three months ended March 31, 2025 and 2024, respectively:For the Three Months Ended March 31,20252024Numerator:Net (loss) income$(8,645)$1,459 Amount allocated to participating common shareholders(1)— (17)Net loss (income) allocated to common shareholders$(8,645)$1,442 Denominator:Weighted average number of common shares – basic and diluted(1)99,120,644 100,457,125 Basic and diluted (loss) earnings per share attributable to common shareholders$(0.09)$0.01 .(1)Please refer to "Note 6. Shareholders' Equity" and "Note 14. Share Compensation and Pension Plans" in the Notes to Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024 for the terms and conditions of securities that could potentially be dilutive in the future. There were no potentially dilutive securities for the three months ended March 31, 2025 (2024: 0).

13. Income Taxes

The Company recognized income tax expense of $12 for the three months ended March 31, 2025, compared to an income tax expense of $11 for the same respective period in 2024. The effective tax rate on the Company's net (loss) income differs from the statutory rate of zero percent under Bermuda law due to tax on foreign operations, primarily the U.S. and Sweden. A valuation allowance has been established against the net U.S. and International deferred tax assets which is primarily attributable to net operating losses and capital losses in the respective regions. At this time, the Company believes it is necessary to establish a valuation allowance against the U.S. and International net deferred tax assets as more evidence is needed regarding the utilization of these losses.At March 31, 2025, the Company has available net operating loss carry-forwards of $460,849 (December 31, 2024: $459,604) for income tax purposes. Approximately $379,855 (December 31, 2024: $379,855) of net operating loss ("NOL") carryforwards expire in various years beginning in 2029. As of March 31, 2025, approximately $