EARNINGS (LOSS) PER SHARE

3 Months Ended

Mar. 31, 2026

(12) EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of common shares outstanding during the period increased by the number of additional shares that would have been outstanding related to potentially dilutive equity-based compensation.

The details of the earnings per share calculations for the three months ended March 31, 2026 and 2025 are as follows:


(In millions, except share and per share amounts)	Three months ended March 31, 2026		Three months ended March 31, 2025
Net income (loss)	$	390.1	$	164.5

Weighted-average number of shares outstanding - basic	382,921,496		380,845,511
Dilutive effect of equity-based compensation	9,206,674		9,264,139
Weighted-average number of shares outstanding - diluted	392,128,170		390,109,650

Earnings (loss) per share
Basic	$	1.02	$	0.43
Diluted	$	0.99	$	0.42

Additional equity-based compensation awards of 0.3 million and 0.5 million shares, respectively, were also outstanding during the three months ended March 31, 2026 and 2025, but were not included in the computation of diluted earnings (loss) per share because the effect would be anti-dilutive.