Shares and Stockholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2025

Stockholders' Equity Note [Abstract]

Schedule of Changes in Preferred

Preferred stock authorized, issued and outstanding (number of shares) was as follows:

	As of June 30, 2025			As of December 31, 2024
	Shares Authorized	Shares Issued	Shares Outstanding	Shares Authorized	Shares Issued	Shares Outstanding
9.250% Fixed Rate Reset Non-Cumulative
Preferred Stock, Series C	20,000	20,000	20,000	20,000	20,000	20,000
9.000% Non-Cumulative Preferred Stock,   Series D	20,000	20,000	20,000	20,000	20,000	20,000
Not designated	9,960,000	–	–	9,960,000	–	–
Total preferred shares	10,000,000	40,000	40,000	10,000,000	40,000	40,000

The per share and aggregate dividends declared for preferred stock by series (in millions except per share data) was as follows:

	For the Three Months Ended June 30,
	2025				2024
	Dividend		Aggregate		Dividend		Aggregate
Series	Per Share		Dividend		Per Share		Dividend
Series C	$	–	$	–	$	–	$	–
Series D	562.50		11		562.50		11
Total	$	562.50	$	11	$	562.50	$	11

	For the Six Months Ended June 30,
	2025				2024
	Dividend		Aggregate		Dividend		Aggregate
Series	Per Share		Dividend		Per Share		Dividend
Series C	$	1,156.25	$	23	$	1,156.25	$	23
Series D	1,125.00		23		1,125.00		23
Total	$	2,281.25	$	46	$	2,281.25	$	46

Schedule of Common Stock Outstanding Roll Forward

The changes in our common stock (number of shares) were as follows:

	For the Three Months Ended June 30,		For the Six Months Ended June 30,
	2025	2024	2025	2024
Common Stock
Balance as of beginning-of-period	170,695,166	170,016,887	170,380,646	169,666,137
Issuance of common stock	18,759,497	–	18,759,497	–
Stock compensation/issued for benefit   plans	116,241	171,600	430,761	522,350
Balance as of end-of-period	189,570,904	170,188,487	189,570,904	170,188,487

Reconciliation of the Denominator Calculations of Basic and Diluted Earnings per Share

The calculation of earnings per share (“EPS”) was as follows (in millions except per share data):

	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2025		2024		2025		2024
Net income (loss) available to common stockholders – basic	$	688	$	884	$	(69)	$	2,070
Deferred units of LNC stock in our
deferred compensation plans (1)	–		–		–		3
Net income (loss) available to common
stockholders – diluted	$	688	$	884	$	(69)	$	2,073
Weighted-average shares, as used in basic calculation	177,175,326		170,620,161		174,264,554		170,335,077
Incremental common shares from assumed exercise or
issuance of stock-based incentive compensation awards	2,773,060		1,553,402		2,769,320		1,324,837
Average deferred compensation shares (1)	654,279		719,003		–		703,742
Weighted-average shares, as used in diluted calculation (2)	180,602,665		172,892,566		177,033,874		172,363,656
Net income (loss) per share:
Basic	$	3.88	$	5.18	$	(0.39)	$	12.16
Diluted	3.80		5.11		(0.39)		12.03

(1)    We have participants in our deferred compensation plans who selected LNC stock as the measure for the investment return attributable to all or a portion of their deferral amounts. This obligation is settled in either cash or LNC stock pursuant to the applicable plan document. We exclude deferred units of LNC stock that are antidilutive from our diluted EPS calculation.

(2)     Due to reporting a net loss for the six months ended June 30, 2025, basic shares were used in the diluted EPS calculation for this period as the use of diluted shares would have resulted in a lower loss per share.