Company: GLRE
Filing Date: 2025-11-03
Form Type: 10-Q
Source: 0001385613-25-000113
Chunk: 52

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-11-03
Form: 10-Q
Item: Part I, Item 1
Chunk 52
---
Forfeited(59,502)7.55 (12,477)12.34 Balance at September 30, 2025490,823 $12.10 224,751 $12.60 For the awards granted during the nine months ended September 30, 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 nine months ended September 30, 2025, the total fair value of Performance and Service RSUs vested was $1.4 million (2024: $0.7 million).Stock Compensation ExpenseFor the nine months ended September 30, 2025, the Company recorded $4.5 million (2024: $4.6 million) of total stock compensation expense (net of forfeitures), respectively. 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 and nine months ended September 30, 2025 and 2024:

18

Three months ended September 30Nine months ended September 302025202420252024Numerator for EPS:Net income - basic$(4,405)$35,237 $25,551 $70,234 Net income - diluted$(4,405)$35,237 $25,551 $70,234 Denominator for EPS:Weighted average shares outstanding - basic33,760,337 34,120,955 33,892,806 34,210,560 Effect of dilutive employee and director share-based awards— 689,111 584,516 613,812 Weighted average shares outstanding - diluted33,760,337 34,810,066 34,477,322 34,824,372 Anti-dilutive stock options outstanding579,636 870,319 579,636 870,319 EPS:Basic$(0.13)$1.03 $0.75 $2.05 Diluted$(0.13)$1.01 $0.74 $2.02