Earnings Per Share

12 Months Ended

Dec. 31, 2025

Basic net earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding for the period. Diluted earnings per share is computed by dividing net income by the weighted average number of diluted common shares outstanding. Diluted common shares outstanding is computed using the Treasury Stock method and, in periods of income, reflects the additional shares that would be outstanding if dilutive share-based compensation awards were converted into common shares during the period.

Earnings per share (in millions, except share data):


	Year Ended December 31,
	2025		2024		2023
Basic:
Net income	$	419	$	528	$	296
Weighted-average shares outstanding	50,820,589		51,494,957		51,378,051
Basic earnings per share	$	8.24	$	10.25	$	5.75

Diluted:
Net income	$	419	$	528	$	296
Weighted-average shares outstanding	50,820,589		51,494,957		51,378,051
Dilutive shares	391,806		384,752		332,911
Diluted weighted-average shares outstanding	51,212,395		51,879,709		51,710,962
Diluted earnings per share	$	8.18	$	10.18	$	5.72

Anti-dilutive share-based compensation awards are excluded from diluted earnings per share calculations. There were 84,000, 46,278 and 129,856 shares that were anti-dilutive for the years ended December 31, 2025, 2024 and 2023, respectively.