The following table reconciles income (numerator) and shares (denominator) used in our computations of basic and diluted earnings per share for the periods presented (in millions, except share amounts which are reflected in thousands):


	Three Months Ended March 31,
	2025		2024
Income (Numerator)
Net income (loss)	$	(154)	$	25

Net income attributable to the noncontrolling interests	(2)		(2)

Numerator for basic and diluted earnings per common share available to common shareholders	$	(156)	$	23

Shares (Denominator)
Basic weighted-average common shares outstanding	67,489		64,156
Dilutive effect of stock-settled appreciation rights and outstanding stock options	—		247
Diluted weighted-average common and common equivalent shares outstanding	67,489		64,403

The following table shows the weighted-average stock-settled appreciation rights and outstanding stock options (in thousands) that are excluded from the calculation of diluted earnings per common share as the inclusion of such shares would be anti-dilutive:


	Three Months Ended March 31,
	2025	2024
Weighted-average stock-settled appreciation rights and outstanding stock options excluded	5,434	5,120