The following is the computation of basic and diluted earnings (loss) per share ("EPS") from continuing operations attributable to Ashland. Stock appreciation rights and warrants available to purchase shares outstanding for each reporting period whose exercise price was greater than the average market price of Ashland common stock for each applicable period were not included in the computation of income (loss) from continuing operations per diluted share because the effect of these instruments would be antidilutive. The total number of these shares outstanding was approximately 2 million and 1 million at June 30, 2025 and 2024, respectively. The majority of these shares are for warrants with a strike price of $128.66. EPS is reported under the treasury stock method.


	Three months ended					Nine months ended
	June 30					June 30
(In millions, except per share data)	2025			2024		2025			2024
Numerator
Numerator for basic and diluted EPS - Income (loss) from continuing operations, net of tax	$	(719	)	$	31	$	(855	)	$	180
Denominator
Denominator for basic EPS - Weighted-average common shares outstanding		46			50		47			50
Share based awards convertible to common shares		—			1		—			1
Denominator for diluted EPS - Adjusted weighted-average shares and assumed conversions		46			51		47			51
EPS from continuing operations
Basic	$	(15.70	)	$	0.61	$	(18.39	)	$	3.57
Diluted(a)		(15.70	)		0.60		(18.39	)		3.53

(a)

As a result of the loss from continuing operations attributable to Ashland during the three and nine months ended June 30, 2025, the effect of the share-based awards convertible to common stock would be antidilutive and have been excluded from the diluted EPS calculation.