Company: GLRE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001385613-25-000007
Chunk: 226

Company: GREENLIGHT CAPITAL RE, LTD.
Filing Date: 2025-03-10
Form: 10-K
Item: Item 7
Chunk 226
---
Expired(31,821)32.37 15.71 Balance at December 31, 2024870,319 $18.52 $8.17 $0.7 4.2 yearsThe following table summarizes information about options exercisable:December 31, 2024December 31, 2023December 31, 2022Number of options exercisable  620,319 652,140 610,337 Weighted-average exercise price$21.47 $22.01 $22.39 Weighted-average remaining contractual term2.33.23.9Intrinsic value$— $— $— During the year ended December 31, 2024, no options vested (2023: 80,000). The options that vested in 2023 had a weighted average grant date fair value of $9.60. At December 31, 2024, the total compensation cost related to non-vested options not yet recognized was $0.6 million (2023: $nil), which the Company expects to recognize over a weighted-average period of 2.7 yearsStock Compensation ExpenseFor the year ended December 31, 2024, the Company recorded $4.5 million (2023: $6.1 million, 2022: $4.7 million) of total stock compensation expense (net of forfeitures) - see Note 15 “Separation Agreement with Former CEO” during the year ended December 31, 2023.  Forfeiture recoveries were immaterial for the current and last two fiscal years.

F-43

12. EARNINGS PER SHARE

The following table reconciles net income and weighted average shares used in computing basic and diluted EPS:Year ended December 31,202420232022Numerator for EPS:Net income - basic$42,816 $86,830 $25,342 Add: interest on convertible notes— — 4,201 Less: gain on repurchase of convertible notes— — (343)Net income - diluted$42,816 $86,830 $29,200 Denominator for EPS:Weighted average shares outstanding - basic34,097,572 34,067,974 33,908,156 Effect of dilutive employee and director share-based awards555,881 729,885 368,096 Shares potentially issuable in connection with convertible notes