EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

Basic earnings per share is calculated using the two-class method as the Company’s convertible preferred stock

is considered a participating security because these shares participate in dividends on an as-converted basis with

common stock. The two-class method requires an allocation of earnings to all participating securities. Basic earnings

per share is calculated by dividing net income (loss) attributable to common shareholders by the weighted average

number of common shares outstanding for the period. The participating securities are notrequired to participate in

the losses of the Company, and therefore during periods of loss there is no allocation required under the two-class

method between common and participating securities. The Company calculated diluted earnings per share using the

more dilutive of either the two-class, if-converted method or the treasury stock method. For the years ended

December 31, 2025, 2024 and 2023 the two-class, if-converted method and the treasury stock method yielded the

same result. Diluted earnings per common share is computed by dividing net (loss) income attributable to common

shareholders by the weighted average number of common shares plus the effect of dilutive potential common shares

outstanding during the period.

The following table sets forth the computation of basic and diluted earnings per common share (In millions):


	Years Ended December 31,
	2025	2024	2023
Basic earnings per common share:
Net income ...........................................................................................	$40	$3	$17
Loss (income) attributable to noncontrolling interests ........................	–	–	–
Less: Deemed dividends on perpetual preferred stock ........................	(37)	(40)	(32)
Net (loss) income attributable to common shareholders .................	3	(37)	(15)
Less: Earnings allocated to participating securities .............................	(2)	–	–
Net (loss) income attributable to common shareholders - Basic .....	1	(37)	(15)
Weighted average common shares outstanding - Basic .......................	78	77	75
Basic earnings (loss) per common share ..............................................	$0.01	$(0.48)	$(0.20)


	Years Ended December 31,
	2025	2024	2023
Diluted earnings per share:
Net income ...........................................................................................	$40	$3	$17
Loss (income) attributable to noncontrolling interests ........................	–	–	–
Less: Deemed dividends on perpetual preferred stock ........................	(37)	(40)	(32)
Net (loss) income attributable to common shareholders - Diluted ..	3	(37)	(15)
Weighted average common shares outstanding ...................................	78	77	75
Dilutive effect of employee stock options ...........................................	6	—	—
Dilutive effect of participating securities .............................................	142	—	—
Weighted average common shares outstanding - Diluted ....................	226	77	75
Diluted earnings (loss) per common share ...........................................	$0.01	$(0.48)	$(0.20)

Employee stock options of 8,620,913 and 7,317,487 were excluded from the calculation of diluted earnings per

share as of December 31, 2024 and 2023, respectively, as a result of their anti-dilutive effect. In addition,

convertible preferred shares of 141,986,676 and 141,959,043, which are considered participating securities, were

excluded from the calculation of diluted earnings per share as of December 31, 2024 and 2023, respectively, as a

result of their anti-dilutive effect.