Earnings Per Share ("EPS")

3 Months Ended

Mar. 31, 2026

Earnings Per Share (“EPS”)


	Three Months Ended
	March 31,
(in millions)		2026		2025
Net income (loss) available for common stockholders		$	19.1	$	(20.6)
Less: Distributions to holders of Series A Convertible Perpetual Preferred Stock		—		2.2
Net income (loss) available for common stockholders, basic and diluted		$	19.1	$	(22.8)

Weighted average shares for basic EPS		175.5		166.4
Dilutive potential shares from grants of RSUs and PRSUs		1.6		—

Weighted average shares for diluted EPS(a)(b)		177.1		166.4

(a)The potential impact of 2.4 million granted RSUs and PRSUs in the three months ended March 31, 2025, were antidilutive. The potential antidilutive impact of granted RSUs and PRSUs in the three months ended March 31, 2026, was immaterial.

(b)The potential impact of 7.8 million shares of our common stock issuable upon conversion of the Series A Convertible Perpetual Preferred Stock (the “Series A Preferred Stock”) in the three months ended March 31, 2025, were antidilutive. In November 2025, all outstanding shares of the Series A Preferred Stock were converted to shares of our common stock.