GRAND CAYMAN, Cayman Islands, Aug. 04, 2026 (GLOBE NEWSWIRE) -- Greenlight Capital Re, Ltd. (NASDAQ: GLRE) ("Greenlight Re" or the "Company") today reported its financial results for the second quarter and six months ended June 30, 2026.
Second quarter 2026 Highlights (all comparisons are to second quarter 2025 unless noted otherwise).
- Gross premiums written increased 2% to $183.1 million;
- Net premiums earned increased $0.2 million to $161.8 million;
- Net underwriting loss of $0.2 million, compared to underwriting income of $8.1 million;
- Combined ratio of 100.1%, compared to 95.0%, driven by CAT losses;
- Total investment loss of $23.8 million, compared to loss of $7.8 million;
- Net loss of $29.6 million, or $0.89 per diluted ordinary share, compared to net income of $0.3 million, or $0.01 per diluted ordinary share;
- Repurchased $14.2 million of ordinary shares at an average cost of $17.69 per share; and
- Fully diluted book value per share decreased 3.7% to $20.61, from $21.40 at March 31, 2026.
Six months ended June 30, 2026 Highlights (all comparisons are to the same period in 2025- .
- Gross premiums written decreased 4% to $411.1 million;
- Net premiums earned decreased 4% to $316.0 million;
- Net underwriting income of $6.0 million compared to underwriting income of $0.3 million;
- Combined ratio of 98.1%, compared to 99.9%;
- Total investment income of $16.6 million, compared to $32.7 million;
- Net income of $6.2 million, or $0.18 per diluted ordinary share, compared to $30.0 million, or $0.87 per diluted ordinary share;
- Repurchased $19.2 million of shares at an average cost of $17.42 per share; and
- Fully diluted book value per share increased 0.9% to $20.61, from $20.43 at December 31, 2025.
From July 1, 2026, to August 3, 2026, the Company has repurchased an additional $3.9 million of ordinary shares at an average price of $16.42 per share.
Greg Richardson, Chief Executive Officer of Greenlight Re, stated, "Volatility is inherent in our business, and this quarter is a good reminder of the important role we play in helping our clients when they need us most. We have taken a prudent approach to our Middle East exposure and have set up appropriate reserves this quarter. I am pleased with our portfolio as we continue to demonstrate discipline and manage capital in a softening market."
David Einhorn, Chairman of the Board of Directors, said, "The second quarter was a challenging investment period. Gains from our long portfolio offset losses in our short portfolio, and we had drag from macro, which detracted about 5%. Solasglas remains conservatively positioned during this uncertain environment, while the overall equity market remains very expensive."
Greenlight Capital Re, Ltd. Second Quarter 2026 Earnings Call
Greenlight Re will host a live conference call to discuss its financial results on Wednesday, August 5, 2026, at 9:00 a.m. Eastern Time. Dial-in details:
U.S. toll free 1-877-407-9753
International 1-201-493-6739
The conference call can also be accessed via webcast at:
https://event.webcasts.com/starthere.jsp?ei=1731033&tp_key=3e1d0e751f
A telephone replay will be available following the call through August 11, 2026. The replay of the call may be accessed by dialing 1-877-660-6853 (U.S. toll free) or 1-201-612-7415 (international), access code 13755437. An audio file of the call will also be available on the Company's website, www.greenlightre.com
Non-GAAP Financial Measures
In presenting the Company's results, management has included fully diluted book value per share as a financial measure that is not calculated under standards or rules that comprise accounting principles generally accepted in the United States (GAAP). This measure is referred to as a non-GAAP measure. The non-GAAP measure may be defined or calculated differently by other companies. Management believes the measure allows for a more thorough understanding of the Company's performance. The non-GAAP measure may not be comparable to similarly titled measures reported by other companies and should be used to monitor our results and should be considered in addition to, and not viewed as a substitute for those measures determined in accordance with GAAP. Reconciliation of the measure to the most comparable GAAP figures is included in the attached financial information in accordance with Regulation G.
Forward-Looking Statements
This news release contains forward-looking statements concerning Greenlight Capital Re, Ltd. and/or its subsidiaries (the "Company") within the meaning of the U.S. federal securities laws. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the U.S. federal securities laws. These statements involve risks and uncertainties that could cause actual results to differ materially from those contained in forward-looking statements made on the Company's behalf. These risks and uncertainties include any suspension or revocation of any of our licenses; losses from catastrophes; the loss of significant brokers; the performance of Solasglas Investments, LP; a downgrade or withdrawal of our A.M. Best ratings; the carry values of our investments made under our Greenlight Re Innovations segment may differ significantly from those that would be used if we carried these investments at fair value; and other factors described in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov. The Company undertakes no obligation to publicly update or revise any forward-looking statements, which speak only as to the date of this release, whether as a result of new information, future events, or otherwise, except as provided by law.
About Greenlight Capital Re, Ltd.
Greenlight Re (www.greenlightre.com) provides multiline property and casualty insurance and reinsurance through its licensed and regulated reinsurance entities in the Cayman Islands and Ireland, and its Lloyd's platform, Greenlight Innovation Syndicate 3456. The Company complements its underwriting activities with a non-traditional investment approach designed to achieve higher rates of return over the long term than reinsurance companies that exclusively employ more traditional investment strategies. The Company's innovations unit, Greenlight Re Innovations, supports technology innovators in the (re)insurance space by providing investment capital, risk capacity, and access to a broad insurance network.
Investor Relations Contact
Jeremy Hellman
Vice President, The Equity Group Inc.
(212) 836-9626
IR@greenlightre.ky
| GREENLIGHT CAPITAL RE, LTD. CONDENSED CONSOLIDATED BALANCE SHEETS (expressed in thousands of U.S. dollars, except per share and share amounts) | |||||
| June 30, 2026 | December 31, 2025 | ||||
| (Unaudited) | |||||
| Assets | |||||
| Investments | |||||
| Investment in related party investment fund, at fair value | - | 493,409 | - | 504,555 | |
| Other investments | 64,925 | 62,911 | |||
| Fixed maturity investments, at fair value | 172,865 | 65,609 | |||
| Total investments | 731,199 | 633,075 | |||
| Cash and cash equivalents | 76,322 | 111,756 | |||
| Restricted cash and cash equivalents | 526,793 | 531,976 | |||
| Reinsurance balances receivable | 640,870 | 664,381 | |||
| Reinsurance recoverable on unpaid loss and loss adjustment expenses | 94,790 | 81,392 | |||
| Deferred acquisition costs | 96,703 | 99,954 | |||
| Unearned premiums ceded | 63,107 | 39,223 | |||
| Other assets | 8,800 | 8,026 | |||
| Total assets | - | 2,238,584 | - | 2,169,783 | |
| Liabilities and equity | |||||
| Liabilities | |||||
| Loss and loss adjustment expense reserves | 983,774 | 967,960 | |||
| Unearned premium reserves | 406,490 | 361,704 | |||
| Reinsurance balances payable | 98,437 | 95,853 | |||
| Funds withheld | 33,100 | 16,105 | |||
| Other liabilities | 10,348 | 15,460 | |||
| Debt | 8,753 | 4,724 | |||
| Total liabilities | 1,540,902 | 1,461,806 | |||
| Shareholders' equity | |||||
| Preferred share capital (par value $0.10; none issued) | - | - | |||
| Ordinary share capital (par value $0.10; issued and outstanding, 32,881,538) (2025: par value $0.10; issued and outstanding, 33,897,709) | 3,288 | 3,390 | |||
| Additional paid-in capital | 462,563 | 478,910 | |||
| Retained earnings | 231,831 | 225,677 | |||
| Total shareholders' equity | 697,682 | 707,977 | |||
| Total liabilities and equity | - | 2,238,584 | - | 2,169,783 | |
| GREENLIGHT CAPITAL RE, LTD. CONDENSED CONSOLIDATED RESULTS OF OPERATIONS (expressed in thousands of U.S. dollars, except percentages and per share amounts) | ||||||||||||||||
| Three months ended June 30 | Six months ended June 30 | |||||||||||||||
| 2026 | 2025 | 2026 | 2025 | |||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||
| Underwriting results: | ||||||||||||||||
| Gross premiums written | - | 183,118 | - | 179,628 | - | 411,056 | - | 427,573 | ||||||||
| Gross premiums ceded | (36,309 | - | (15,101 | - | (80,773 | - | (43,649 | - | ||||||||
| Net premiums written | - | 146,809 | - | 164,527 | - | 330,283 | - | 383,924 | ||||||||
| Change in net unearned premium reserves | 15,004 | (2,886 | - | (14,325 | - | (53,820 | - | |||||||||
| Net premiums earned | - | 161,813 | - | 161,641 | - | 315,958 | - | 330,104 | ||||||||
| Net loss and LAE incurred: | ||||||||||||||||
| Current year | (111,367 | - | (97,032 | - | (205,011 | - | (215,698 | - | ||||||||
| Prior year | (716 | - | (3,047 | - | 1,773 | (7,265 | - | |||||||||
| Net loss and LAE incurred | (112,083 | - | (100,079 | - | (203,238 | - | (222,963 | - | ||||||||
| Acquisition costs | (44,034 | - | (46,848 | - | (92,996 | - | (93,714 | - | ||||||||
| Underwriting expenses | (5,886 | - | (6,481 | - | (13,691 | - | (12,839 | - | ||||||||
| Deposit interest expense | (46 | - | (124 | - | (78 | - | (273 | - | ||||||||
| Net underwriting income (loss) | (236 | - | 8,109 | 5,955 | 315 | |||||||||||
| Investment results: | ||||||||||||||||
| Income (loss) from investment in Solasglas | (27,857 | - | (18,276 | - | 5,832 | 13,921 | ||||||||||
| Net investment income | 4,076 | 10,470 | 10,807 | 18,757 | ||||||||||||
| Total investment income (loss) | (23,781 | - | (7,806 | - | 16,639 | 32,678 | ||||||||||
| Corporate and other expenses | (4,717 | - | (4,755 | - | (10,459 | - | (9,427 | - | ||||||||
| Foreign exchange gains (losses) | (576 | - | 6,271 | (5,481 | - | 10,626 | ||||||||||
| Interest expense | (128 | - | (1,144 | - | (227 | - | (2,608 | - | ||||||||
| Income tax expense | (158 | - | (346 | - | (273 | - | (1,628 | - | ||||||||
| Net income | - | (29,596 | - | - | 329 | - | 6,154 | - | 29,956 | |||||||
| Earnings per share | ||||||||||||||||
| Basic | - | (0.89 | - | - | 0.01 | - | 0.18 | - | 0.88 | |||||||
| Diluted | - | (0.89 | - | - | 0.01 | - | 0.18 | - | 0.87 | |||||||
| Underwriting ratios: | ||||||||||||||||
| Current year loss ratio | 68.8 | - | 60.0 | - | 64.9 | - | 65.3 | - | ||||||||
| Prior year reserve development ratio | 0.4 | - | 1.9 | - | (0.6 | )% | 2.2 | - | ||||||||
| Loss ratio | 69.3 | - | 61.9 | - | 64.3 | - | 67.5 | - | ||||||||
| Acquisition cost ratio | 27.2 | - | 29.0 | - | 29.4 | - | 28.4 | - | ||||||||
| Composite ratio | 96.5 | - | 90.9 | - | 93.8 | - | 95.9 | - | ||||||||
| Underwriting expense ratio | 3.7 | - | 4.1 | - | 4.4 | - | 4.0 | - | ||||||||
| Combined ratio | 100.1 | - | 95.0 | - | 98.1 | - | 99.9 | - | ||||||||
The following tables present the Company's results by segment and on a consolidated basis:
| GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (unaudited) (expressed in thousands of U.S. dollars) Three months ended June 30: 2026 | |||||||||||||||
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||
| Gross premiums written | - | 152,202 | - | 30,916 | - | - | - | 183,118 | |||||||
| Net premiums written | - | 128,249 | - | 18,560 | - | - | - | 146,809 | |||||||
| Net premiums earned | - | 136,945 | - | 24,868 | - | - | - | 161,813 | |||||||
| Net loss and LAE incurred | (94,945 | - | (15,375 | - | (1,763 | - | (112,083 | - | |||||||
| Acquisition costs | (38,399 | - | (5,635 | - | - | (44,034 | - | ||||||||
| Other underwriting expenses | (4,602 | - | (1,284 | - | - | (5,886 | - | ||||||||
| Deposit interest expense, net | (46 | - | - | - | (46 | - | |||||||||
| Underwriting income (loss) | (1,047 | - | 2,574 | (1,763 | - | (236 | - | ||||||||
| Net investment income (loss) | 4,409 | (479 | - | 146 | 4,076 | ||||||||||
| Corporate and other expenses | - | (579 | - | (4,138 | - | (4,717 | - | ||||||||
| Income (loss) from investment in Solasglas | (27,857 | - | (27,857 | - | |||||||||||
| Foreign exchange gains (losses) | (576 | - | (576 | - | |||||||||||
| Interest expense | (128 | - | (128 | - | |||||||||||
| Income (loss) before income taxes | - | 3,362 | - | 1,516 | - | (34,316 | - | - | (29,438 | - | |||||
| Underwriting ratios: | |||||||||||||||
| Loss ratio | 69.3 | - | 61.8 | - | NM* | 69.3 | - | ||||||||
| Acquisition cost ratio | 28.0 | - | 22.7 | - | NM* | 27.2 | - | ||||||||
| Composite ratio | 97.3 | - | 84.5 | - | NM* | 96.5 | - | ||||||||
| Underwriting expenses ratio | 3.4 | - | 5.2 | - | NM* | 3.7 | - | ||||||||
| Combined ratio | 100.7 | - | 89.7 | - | NM* | 100.1 | - | ||||||||
*Not Meaningful
| GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (unaudited) (expressed in thousands of U.S. dollars) Three months ended June 30, 2025 | |||||||||||||||
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||
| Gross premiums written | - | 152,333 | - | 27,596 | - | (301 | - | - | 179,628 | ||||||
| Net premiums written | - | 142,111 | - | 22,716 | - | (300 | - | - | 164,527 | ||||||
| Net premiums earned | - | 140,554 | - | 21,386 | - | (299 | - | - | 161,641 | ||||||
| Net loss and LAE incurred | (83,475 | - | (15,244 | - | (1,360 | - | (100,079 | - | |||||||
| Acquisition costs | (40,900 | - | (6,012 | - | 64 | (46,848 | - | ||||||||
| Other underwriting expenses | (4,861 | - | (1,620 | - | - | (6,481 | - | ||||||||
| Deposit interest expense, net | (124 | - | - | - | (124 | - | |||||||||
| Underwriting income (loss) | 11,194 | (1,490 | - | (1,595 | - | 8,109 | |||||||||
| Net investment income | 5,629 | 431 | 4,410 | 10,470 | |||||||||||
| Corporate and other expenses | - | (602 | - | (4,153 | - | (4,755 | - | ||||||||
| Income from investment in Solasglas | (18,276 | - | (18,276 | - | |||||||||||
| Foreign exchange gains (losses) | 6,271 | 6,271 | |||||||||||||
| Other income | - | - | |||||||||||||
| Interest expense | (1,144 | - | (1,144 | - | |||||||||||
| Income (loss) before income taxes | - | 16,823 | - | (1,661 | - | - | (14,487 | - | - | 675 | |||||
| Underwriting ratios: | |||||||||||||||
| Loss ratio | 59.4 | - | 71.3 | - | NM* | 61.9 | - | ||||||||
| Acquisition cost ratio | 29.1 | - | 28.1 | - | NM* | 29.0 | - | ||||||||
| Composite ratio | 88.5 | - | 99.4 | - | NM* | 90.9 | - | ||||||||
| Underwriting expenses ratio | 3.5 | - | 7.6 | - | NM* | 4.1 | - | ||||||||
| Combined ratio | 92.0 | - | 107.0 | - | NM* | 95.0 | - | ||||||||
*Not Meaningful
| GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (expressed in thousands of U.S. dollars) Six months ended June 30, 2026 | |||||||||||||||
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||
| Gross premiums written | - | 332,549 | - | 78,509 | - | (2 | - | - | 411,056 | ||||||
| Net premiums written | - | 279,544 | - | 50,741 | - | (2 | - | - | 330,283 | ||||||
| Net premiums earned | - | 265,926 | - | 50,034 | - | (2 | - | - | 315,958 | ||||||
| Net loss and LAE incurred | (170,175 | - | (31,301 | - | (1,762 | - | (203,238 | - | |||||||
| Acquisition costs | (79,611 | - | (13,385 | - | - | (92,996 | - | ||||||||
| Other underwriting expenses | (10,345 | - | (3,346 | - | - | (13,691 | - | ||||||||
| Deposit interest expense, net | (78 | - | - | - | (78 | - | |||||||||
| Underwriting income (loss) | 5,717 | 2,002 | (1,764 | - | 5,955 | ||||||||||
| Net investment income (loss) | 9,544 | 615 | 648 | 10,807 | |||||||||||
| Corporate and other expenses | - | (1,301 | - | (9,158 | - | (10,459 | - | ||||||||
| Income (loss) from investment in Solasglas | 5,832 | 5,832 | |||||||||||||
| Foreign exchange gains (losses) | (5,481 | - | (5,481 | - | |||||||||||
| Interest expense | (227 | - | (227 | - | |||||||||||
| Income (loss) before income taxes | - | 15,261 | - | 1,316 | - | (10,150 | - | - | 6,427 | ||||||
| Underwriting ratios: | |||||||||||||||
| Loss ratio | 64.0 | - | 62.6 | - | NM* | 64.3 | - | ||||||||
| Acquisition cost ratio | 29.9 | - | 26.8 | - | NM* | 29.4 | - | ||||||||
| Composite ratio | 93.9 | - | 89.4 | - | NM* | 93.8 | - | ||||||||
| Underwriting expenses ratio | 3.9 | - | 6.7 | - | NM* | 4.4 | - | ||||||||
| Combined ratio | 97.8 | - | 96.1 | - | NM* | 98.1 | - | ||||||||
*Not Meaningful
| GREENLIGHT CAPITAL RE, LTD. SEGMENT RESULTS OF OPERATIONS (expressed in thousands of U.S. dollars) Six months ended June 30, 2025 | |||||||||||||||
| Open Market | Innovations | Corporate | Total Consolidated | ||||||||||||
| Gross premiums written | - | 373,042 | - | 55,062 | - | (531 | - | - | 427,573 | ||||||
| Net premiums written | - | 337,720 | - | 46,687 | - | (483 | - | - | 383,924 | ||||||
| Net premiums earned | - | 290,195 | - | 40,391 | - | (482 | - | - | 330,104 | ||||||
| Net loss and LAE incurred | (196,238 | - | (25,590 | - | (1,135 | - | (222,963 | - | |||||||
| Acquisition costs | (81,781 | - | (12,045 | - | 112 | (93,714 | - | ||||||||
| Other underwriting expenses | (9,658 | - | (3,181 | - | - | (12,839 | - | ||||||||
| Deposit interest expense, net | (273 | - | - | - | (273 | - | |||||||||
| Underwriting income (loss) | 2,245 | (425 | - | (1,505 | - | 315 | |||||||||
| Net investment income | 11,400 | 879 | 6,478 | 18,757 | |||||||||||
| Corporate and other expenses | - | (1,174 | - | (8,253 | - | (9,427 | - | ||||||||
| Income from investment in Solasglas | 13,921 | 13,921 | |||||||||||||
| Foreign exchange gains (losses) | 10,626 | 10,626 | |||||||||||||
| Other income | - | - | |||||||||||||
| Interest expense | (2,608 | - | (2,608 | - | |||||||||||
| Income (loss) before income taxes | - | 13,645 | - | (720 | - | - | 18,659 | - | 31,584 | ||||||
| Underwriting ratios: | |||||||||||||||
| Loss ratio | 67.6 | - | 63.4 | - | NM* | 67.5 | - | ||||||||
| Acquisition cost ratio | 28.2 | - | 29.8 | - | NM* | 28.4 | - | ||||||||
| Composite ratio | 95.8 | - | 93.2 | - | NM* | 95.9 | - | ||||||||
| Underwriting expenses ratio | 3.4 | - | 7.9 | - | NM* | 4.0 | - | ||||||||
| Combined ratio | 99.2 | - | 101.1 | - | NM* | 99.9 | - | ||||||||
*Not Meaningful
GREENLIGHT CAPITAL RE, LTD.
KEY FINANCIAL MEASURES AND NON-GAAP MEASURES
Management uses certain key financial measures, some of which are not prescribed under U.S. GAAP rules and standards ("non-GAAP financial measures"), to evaluate our financial performance, financial position, and the change in shareholder value. Generally, a non-GAAP financial measure, as defined in SEC Regulation G, is a numerical measure of a company's historical or future financial performance, financial position, or cash flows that either excludes or includes amounts that are not normally excluded or included in the most directly comparable measure calculated and presented under U.S. GAAP. We believe that these measures, which may be calculated or defined differently by other companies, provide consistent and comparable metrics of our business performance to help shareholders understand performance trends and facilitate a more thorough understanding of the Company's business. Non-GAAP financial measures should not be viewed as substitutes for those determined under U.S. GAAP.
We use the following non-GAAP financial measure in this news release.
Fully Diluted Book Value Per Share
Our primary financial goal is to increase fully diluted book value per share over the long term. We use fully diluted book value as a financial measure in our incentive compensation plan.
We believe that long-term growth in fully diluted book value per share is the most relevant measure of our financial performance because it provides management and investors a yardstick to monitor the shareholder value generated. Fully diluted book value per share may also help our investors, shareholders, and other interested parties form a basis of comparison with other companies within the property and casualty reinsurance industry. Fully diluted book value per share should not be viewed as a substitute for the most comparable U.S. GAAP measure, which in our view is the basic book value per share.
We calculate basic book value per share as (a) ending shareholders' equity, divided by (b) the total ordinary shares issued and outstanding, as reported in the consolidated financial statements.
Fully diluted book value per share represents basic book value per share combined with any dilutive impact of in-the-money stock options and all outstanding restricted stock units, or "RSUs". We believe these adjustments better reflect the ultimate dilution to our shareholders.
The following table presents a reconciliation of the fully diluted book value per share to basic book value per share (the most directly comparable U.S. GAAP financial measure):
| June 30, 2026 | March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | |||||||||||||||
| Numerator for basic and fully diluted book value per share: | |||||||||||||||||||
| Total equity as reported under U.S. GAAP | - | 697,682 | - | 741,172 | - | 707,977 | - | 658,889 | - | 663,318 | |||||||||
| Denominator for basic and fully diluted book value per share: | |||||||||||||||||||
| Ordinary shares issued and outstanding as reported and denominator for basic book value per share | 32,881,538 | 33,684,902 | 33,897,709 | 34,099,226 | 34,198,153 | ||||||||||||||
| Add: In-the-money stock options(1) and all outstanding RSUs | 972,651 | 950,199 | 755,997 | 757,505 | 775,124 | ||||||||||||||
| Denominator for fully diluted book value per share | 33,854,189 | 34,635,101 | 34,653,706 | 34,856,731 | 34,973,277 | ||||||||||||||
| Basic book value per share | - | 21.22 | - | 22.00 | - | 20.89 | - | 19.32 | - | 19.40 | |||||||||
| Increase (decrease) in basic book value per share | - | (0.78 | - | - | 1.11 | - | 1.57 | - | (0.08 | - | - | 0.10 | |||||||
| Increase (decrease) in basic book value per share | (3.5 | )% | 5.3 | - | 8.1 | - | (0.4 | )% | 0.5 | - | |||||||||
| Fully diluted book value per share | - | 20.61 | - | 21.40 | - | 20.43 | - | 18.90 | - | 18.97 | |||||||||
| Increase (decrease) in fully diluted book value per share | - | (0.79 | - | - | 0.97 | - | 1.53 | - | (0.07 | - | - | 0.10 | |||||||
| Increase (decrease) in fully diluted book value per share | (3.7 | )% | 4.7 | - | 8.1 | - | (0.4 | )% | 0.5 | - | |||||||||
(1) Assuming net exercise by the grantee.
