EARNINGS (LOSS) PER SHARE

6 Months Ended

Jun. 30, 2026

Basic earnings (loss) per share and diluted loss per share are calculated by dividing net income (loss) 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.


	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share amounts)	2026		2025		2026		2025
Net income (loss)	$	(76)	$	172	$	(269)	$	6

Basic weighted average shares outstanding	111.127		118.847		112.702		120.979

Dilutive effect of stock awards and stock warrants	—		2.083		—		2.204
Diluted weighted average shares outstanding	111.127		120.930		112.702		123.183

Basic earnings (loss) per share	$	(0.68)	$	1.45	$	(2.39)	$	0.05
Diluted earnings (loss) per share	$	(0.68)	$	1.42	$	(2.39)	$	0.05

Antidilutive amounts excluded from calculation:
Employee stock awards and warrants	3.0		1.3		3.2		1.1