EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2025

(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) adjusted for the gain on fair value of warrant liability, if the warrants are in-the-money and the impact is dilutive, 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 and warrants.

The details of the earnings per share calculations for the three and nine months ended September 30, 2025 and 2024 are as follows:


(In millions, except share and per share amounts)	Three months ended September 30, 2025		Three months ended September 30, 2024		Nine months ended September 30, 2025		Nine months ended September 30, 2024
Net income (loss)	$	398.5	$	176.6	$	887.2	$	348.8

Weighted-average number of shares outstanding - basic	382,025,408		375,203,364		381,455,627		376,353,335
Dilutive effect of equity-based compensation	8,903,261		9,112,701		8,802,275		9,752,894
Weighted-average number of shares outstanding - diluted	390,928,669		384,316,065		390,257,902		386,106,229

Earnings (loss) per share
Basic	$	1.04	$	0.47	$	2.33	$	0.93
Diluted	$	1.02	$	0.46	$	2.27	$	0.90

The dilutive effect of equity-based compensation awards was 8.9 million and 8.8 million shares, respectively, during the three and nine months ended September 30, 2025. Additional equity-based compensation awards of 0.0 million and 1.2 million shares, respectively, were also outstanding during the three and nine months ended September 30, 2025, but were not included in the computation of diluted earnings (loss) per share because the effect would be anti-dilutive.

The dilutive effect of equity-based compensation awards was 9.1 million and 9.8 million shares, respectively, during the three and nine months ended September 30, 2024. Additional equity-based compensation awards and warrants were also outstanding during the three and nine months ended September 30, 2024, but were not included in the computation of diluted earnings per share because the effect would be anti-dilutive. Such anti-dilutive equity-based compensation awards and warrants represented 1.6 million and 4.5 million shares for the three months ended September 30, 2024, respectively, and 1.2 million and 4.5 million shares for the nine months ended September 30, 2024, respectively.