Company: GLRE
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001385613-25-000058
Chunk: 39

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 1
Chunk 39
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 March 31, 2025, the Service RSUs vest evenly over three years on January 1, subject to the grantee’s continued service with the Company. If performance goals are achieved, the Performance RSUs will cliff vest at the end of a three-year performance period within a range of 0% and 200% of the awarded Performance RSUs, with a target of 100%. For the three months ended March 31, 2025, the total fair value of Performance and Service RSUs vested was $1.4 million,  (2024: $0.7 million).

17

Stock Compensation ExpenseFor the three months ended March 31, 2025, the Company recorded $1.3 million (2024: $1.3 million) of total stock compensation expense (net of forfeitures), respectively.  The stock compensation expense is included in “General and administrative expenses” in the condensed consolidated statements of operations.  Forfeiture recoveries were immaterial for both periods.

12.      EARNINGS PER SHARE

The following table reconciles net income and weighted average shares used in computing basic and diluted EPS for the three months ended March 31, 2025 and 2024:Three months ended March 3120252024Numerator for EPS:Net income - basic$29,627 $27,019 Net income - diluted$29,627 $27,019 Denominator for EPS:Weighted average shares outstanding - basic33,949,967 34,272,230 Effect of dilutive employee and director share-based awards468,295 381,151 Weighted average shares outstanding - diluted34,418,262 34,653,381 Anti-dilutive stock options outstanding620,319 902,140 EPS:Basic$0.87 $0.79 Diluted$0.86 $0.78 

13.      NET INVESTMENT INCOME

The following table provides a breakdown of net investment income:Three months ended March 31 20252024Interest and dividend income, net of withholding taxes and other expenses$6,635 $8,556 Investment income from Lloyd's syndicates1,541 5,035 Net realized and unrealized gains (losses) on other investments (see Note 4)111 (413)Net investment income8,287 13,178 Share of Solasglas' net income (see Note