Net Income Per Share

9 Months Ended

Sep. 30, 2025

NOTE 4 Net Income Per Share

Basic net income per share is computed based on the weighted average number of common shares (including participating securities) issued and outstanding during the period. Diluted net income per share is computed based on the weighted average number of common shares issued and outstanding plus equivalent shares, assuming the issuance of all potentially issuable common shares. The dilutive effect of potentially issuable common shares is computed by application of the treasury stock method. As of September 30, 2025, approximately 4.5 million shares were excluded from the diluted net income per share calculation as they would be anti-dilutive. The following is a reconciliation between basic and diluted weighted average shares outstanding:


	Three months ended September 30,						Nine months ended September 30,
(in millions, except per share data)	2025			2024			2025			2024
Net income attributable to the Company	$	227		$	234		$	790		$	783
Net income attributable to unvested awarded performance stock		(2	)		(3	)		(8	)		(9	)
Net income attributable to common shares	$	225		$	231		$	782		$	774
Weighted average number of common shares outstanding – basic		334			286			305			285
Less unvested awarded performance stock included in weighted average number of common shares outstanding – basic		(3	)		(4	)		(3	)		(4	)
Weighted average number of common shares outstanding for basic net income per common share		331			282			302			281
Dilutive effect of potentially issuable common shares		1			2			2			2
Weighted average number of shares outstanding – diluted		332			284			304			283
Net income per share:
Basic	$	0.68		$	0.82		$	2.59		$	2.75
Diluted	$	0.68		$	0.81		$	2.57		$	2.73