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Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Reconciliation of Weighted Average Number of Common Shares Outstanding

Below is a reconciliation of the weighted average number of shares of common stock outstanding used in calculating Diluted EPS for the periods presented:

 

 

Three months ended June 30,

 

 

Six months ended June 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

(shares in thousands and $ in millions, except per share amounts)

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) (1)

 

$

24

 

 

$

24

 

 

$

(35

)

 

$

(49

)

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares used to compute Basic EPS

 

 

139,234

 

 

 

139,881

 

 

 

138,836

 

 

 

140,666

 

Weighted average effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based awards (Note 10)

 

 

1,310

 

 

 

560

 

 

 

—

 

 

 

—

 

2026 Senior Notes (Note 6)

 

 

4,674

 

 

 

4,674

 

 

 

—

 

 

 

—

 

Weighted average shares used to compute Diluted EPS

 

 

145,218

 

 

 

145,115

 

 

 

138,836

 

 

 

140,666

 

Basic EPS

 

$

0.17

 

 

$

0.17

 

 

$

(0.25

)

 

$

(0.35

)

Diluted EPS

 

$

0.17

 

 

$

0.17

 

 

$

(0.25

)

 

$

(0.35

)
Interest expense, net of taxes, related to the 2026 Senior Notes which was included in the Diluted EPS calculation for both the three months ended June 30, 2024 and 2023 was not material.