On June 2, 2025, the Company completed the acquisition of H&E, and as a result, approximately 4.7 million shares of common stock were issued valued at $584 million as part of the cash and stock offer price as described in Note 5, "Business Combinations." The fair value of the shares issued were based on the closing stock price of the Company's common shares on May 30, 2025, the last trading day preceding the close of the acquisition.

Basic earnings (loss) per share has been computed based upon the weighted average number of common shares outstanding. Diluted earnings per share has been computed based upon the weighted average number of common shares outstanding plus the effect of all potentially dilutive common stock equivalents, except when the effect would be anti-dilutive.

The following table sets forth the computation of basic and diluted earnings (loss) per share (in millions, except per share data).


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Basic and diluted earnings (loss) per share:
Numerator:
Net income (loss), basic and diluted	$	(35)	$	70	$	(53)	$	135
Denominator:
Basic weighted average common shares	30.0		28.4		29.2		28.3
Stock options, RSUs and PSUs	—		0.1		—		0.1
Weighted average shares used to calculate diluted earnings per share	30.0		28.5		29.2		28.4
Earnings (loss) per share:
Basic	$	(1.17)	$	2.46	$	(1.82)	$	4.77
Diluted	$	(1.17)	$	2.46	$	(1.82)	$	4.75
Antidilutive RSUs and PSUs	0.2		—		0.2		—