EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2026

Net income is allocated between the Company’s common shares and other participating securities based on their participation rights. The Series A Preferred Stock represent participating securities. Earnings attributable to Series A Preferred Stock are not included in earnings attributable to common shares in calculating earnings per common share (the two-class method). For periods of net loss, there is no impact from the two-class method on earnings per share (“EPS”) as net loss is allocated to common shares because Series A Preferred Stock shares are not contractually obligated to share the loss.

The following table sets forth the computation of earnings per common share using the two-class method. The dilutive effect of outstanding Series A Preferred Stock and the Series A Preferred Stock dividend is reflected in diluted EPS using the if-converted method and restricted shares and performance shares are reflected using the treasury stock method. For periods of net loss, basic and diluted EPS are the same, as the assumed exercise of Series A Preferred Stock, restricted shares, and performance shares are anti-dilutive. (Amounts in millions, except share and per share amounts.)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Basic earnings per common share:
Net income	$	99	$	77	$	156	$	112
Income allocable to Series A Preferred Stock	(10)		(8)		(16)		(12)
Net income attributable to common shareholders	$	89	$	69	$	140	$	100

Weighted average shares outstanding - basic	432,738,694		415,269,213		432,114,533		415,560,022
Income per common share - basic	$	0.21	$	0.17	$	0.32	$	0.24

Diluted earnings per common share:
Net income	$	99	$	77	$	156	$	112
Income allocable to Series A Preferred Stock	(10)		(8)		(16)		(12)
Net income attributable to common shareholders - diluted	$	89	$	69	$	140	$	100

Weighted average shares outstanding - basic	432,738,694		415,269,213		432,114,533		415,560,022
Dilutive securities: (1)
Restricted stock units	998,511		1,163,959		1,350,118		1,103,563
Shares issuable pursuant to the Series A Preferred Stock dividend (2)	3,159,305		11,216,378		2,523,836		5,608,189
Weighted average shares outstanding - diluted	436,896,510		427,649,550		435,988,487		422,271,774
Income per common share - diluted	$	0.20	$	0.16	$	0.32	$	0.24

(1)For all periods presented, 4,000,000 shares of Series A Preferred Stock were excluded from the calculation of diluted shares as their inclusion would be anti-dilutive. These shares are convertible to 6,000,000 common shares, as a result of the June 30, 2025 stock split. For additional information regarding the stock split, see Note 15 – "Shareholders' Equity and Redeemable Convertible Preferred Stock."

(2)For the three and six months ended June 30, 2026 and 2025, dilutive securities include common share equivalents which represent the annual dividend, payable in the form of common shares or cash at the Company's sole option, that Series A Preferred Shares would be entitled to receive assuming that the volume weighted average price of the Company’s common shares for the last ten trading days of the period would be the same average price during the last ten trading days of the calendar year. The holders of the Series A Preferred Stock are entitled to receive an annual dividend based on the increase in the market price of the Company’s common stock (the "Annual Dividend Amount"). The Annual Dividend Amount is equal to 20% of the increase in the volume-weighted average market price per share of the Company’s common shares for the last ten trading days of the calendar year, multiplied by 211,791,957 shares. During 2026, the Annual Dividend amount was calculated based on the appreciation of the Company’s share price over the highest previously used share price of $38.8096. During 2025, the Annual Dividend amount was calculated based on the appreciation of the Company’s share price over the highest previously used share price of $24.8713.