EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2025

Basic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding, including the dilutive effect of outstanding share-based instruments such as employee stock awards and warrants. Antidilutive common stock equivalents from employee stock awards and warrants were 1.5 million, 1.5 million, and 2.1 million in 2025, 2024, and 2023.


(in millions, except per share amounts)	2025		2024		2023
Net income	$	100	$	395	$	235

Basic weighted average shares outstanding	118.171		126.136		127.375
Dilutive effect of employee stock awards	1.755		1.886		0.967
Dilutive effect of stock warrants	—		0.350		0.366
Diluted weighted average shares outstanding	119.926		128.372		128.708

Basic earnings per share	$	0.85	$	3.13	$	1.84
Diluted earnings per share	$	0.83	$	3.08	$	1.83