EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
(in millions, except per share amounts)	2026		2025		2026		2025
Net income (loss)	$	(147)	$	73	$	(416)	$	79

Basic weighted average shares outstanding	111.611		115.287		112.334		119.061

Dilutive effect of stock awards and stock warrants	—		2.213		—		2.132
Diluted weighted average shares outstanding	111.611		117.500		112.334		121.193

Basic earnings (loss) per share	$	(1.32)	$	0.63	$	(3.70)	$	0.66
Diluted earnings (loss) per share	$	(1.32)	$	0.62	$	(3.70)	$	0.65

Antidilutive amounts excluded from calculation:
Employee stock awards and warrants	3.1		1.0		3.0		1.3