Earnings Per Common Share

9 Months Ended

Sep. 30, 2025

Earnings Per Share [Abstract]

Earnings Per Common Share

The following table sets forth the computation of basic and diluted earnings per common share:

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2025		2024		2025		2024
Numerator:
Net income (loss) available to Arch	$	1,350	$	988	$	3,161	$	3,377
Preferred dividends	(10)		(10)		(30)		(30)
Net income (loss) available to Arch common shareholders	$	1,340	$	978	$	3,131	$	3,347
Denominator:
Weighted average common shares and common share equivalents outstanding — basic	369.0		373.2		371.4		372.3
Effect of dilutive common share equivalents:
Nonvested restricted shares	1.7		2.0		1.6		1.8
Stock options (1)	5.4		7.1		6.1		7.2
Weighted average common shares and common share equivalents outstanding — diluted	376.1		382.3		379.1		381.3
Earnings per common share:
Basic	$	3.63	$	2.62	$	8.43	$	8.99
Diluted	$	3.56	$	2.56	$	8.26	$	8.78

(1)    Certain stock options were not included in the computation of diluted earnings per share where the exercise price of the stock options exceeded the average market price and would have been anti-dilutive or where, when applying the treasury stock method to in-the-money options, the sum of the proceeds, including unrecognized compensation, exceeded the average market price and would have been anti-dilutive. For the 2025 third quarter and 2024 third quarter, the number of stock options excluded were 2.4 million and 0.2 million, respectively. For the nine months ended September 30, 2025 and 2024, the number of stock options excluded were 2.4 million and 0.4 million, respectively.