Earnings Per Share

12 Months Ended

Dec. 31, 2024

Note 24. Earnings Per Share

For the year ended December 31, 2024, basic earnings per share ("EPS") is computed using the weighted average number of common shares outstanding during the period.

For the years ended December 31, 2023 and 2022, basic earnings per share was calculated using the two-class method because our Series A Preferred Stock was considered a participating security prior to its conversion into Common Stock and cancellation pursuant to the Transaction. The two-class method requires an allocation of earnings to all securities that participate in dividends with common shares, which included our Series A Preferred Stock, to the extent that each security may share in the entity’s earnings. Basic earnings per share are then calculated by dividing undistributed earnings allocated to common stock by the weighted average number of common shares outstanding for the period.

Diluted earnings per share for the year ended December 31, 2024 is calculated based on the weighted-average number of common shares outstanding for the period plus the dilutive effect of common stock equivalents using the treasury stock method. Diluted earnings per share for the years ended December 31, 2023 and 2022 is calculated using the more dilutive of the two-class or if-converted methods. The two-class method uses net income available to common shareholders and assumes conversion of all potential shares other than the participating securities. The if-converted method uses net income and assumes conversion of all potential shares including the participating securities.

The details of the earnings per share calculations for the years ended December 31, 2024, 2023 and 2022 are as follows:


	Year Ended December 31
	2024		2023		2022
	(Dollars in millions except per share amounts)

Basic earnings per share:
Net Income	$	282	$	261	$	390
Less: preferred stock dividend	—		(80)		(157)
Less: preferred stock deemed dividends	—		(232)		—
Net income (loss) available for distribution	282		(51)		233
Less: earnings allocated to participating securities	—		—		(184)
Net income (loss) available to common shareholders	282		(51)		49
Weighted average common shares outstanding - Basic	222,316,484		166,595,397		64,708,635
EPS – Basic	$	1.27	$	(0.31)	$	0.75

Diluted earnings per share:
Method used:			Two-class		Two-class
Weighted average common shares outstanding - Basic	222,316,484		166,595,397		64,708,635
Dilutive effect of unvested RSUs and other contingently issuable shares	1,804,672		—		367,357

Weighted average common shares outstanding – Diluted	224,121,156		166,595,397		65,075,992
EPS – Diluted	$	1.26	$	(0.31)	$	0.75

For the periods where a net loss attributable to common shareholders is present, dilutive securities have been excluded from the calculation of diluted net loss per share attributable to common stockholders as including them would have been anti-dilutive. For the year ended December 31, 2023, the weighted-average number of unvested RSUs and other contingently issuable shares excluded from the computations was 1,490,117 shares.