NOTE 5. EARNINGS (LOSS) PER SHARE The following table represents the calculation of earnings and loss per common share – basic and diluted:
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Second Quarter |
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First Half |
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(In millions, except per share amounts) |
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2025 |
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2024 |
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2025 |
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2024 |
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Basic Earnings (Loss) Per Share |
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Numerator: |
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Net income (loss) from continuing operations |
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$ |
— |
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$ |
(4 |
) |
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$ |
(29 |
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$ |
27 |
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Loss from discontinued operations, net of tax |
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— |
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(69 |
) |
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— |
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(85 |
) |
Net income (loss) |
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$ |
— |
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$ |
(73 |
) |
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$ |
(29 |
) |
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$ |
(58 |
) |
Denominator: |
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Weighted-average shares outstanding |
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30 |
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35 |
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30 |
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36 |
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Basic earnings (loss) per share |
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Continuing operations |
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$ |
— |
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$ |
(0.12 |
) |
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$ |
(0.97 |
) |
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$ |
0.75 |
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Discontinued operations |
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— |
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(1.93 |
) |
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— |
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(2.34 |
) |
Net basic earnings (loss) per share |
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$ |
— |
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$ |
(2.05 |
) |
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$ |
(0.97 |
) |
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$ |
(1.59 |
) |
Diluted Earnings (Loss) Per Share |
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Numerator: |
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Net income (loss) from continuing operations |
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$ |
— |
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$ |
(4 |
) |
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$ |
(29 |
) |
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$ |
27 |
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Loss from discontinued operations, net of tax |
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— |
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(69 |
) |
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— |
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(85 |
) |
Net income (loss) |
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$ |
— |
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$ |
(73 |
) |
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$ |
(29 |
) |
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$ |
(58 |
) |
Denominator: |
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Weighted-average shares outstanding |
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30 |
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35 |
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30 |
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36 |
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Effect of dilutive securities: |
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Stock options and restricted stock |
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— |
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— |
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— |
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1 |
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Diluted weighted-average shares outstanding |
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30 |
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35 |
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30 |
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37 |
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Diluted earnings (loss) per share |
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Continuing operations |
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$ |
— |
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$ |
(0.12 |
) |
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$ |
(0.97 |
) |
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$ |
0.73 |
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Discontinued operations |
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— |
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(1.93 |
) |
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— |
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(2.28 |
) |
Net diluted earnings (loss) per share |
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$ |
— |
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$ |
(2.05 |
) |
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$ |
(0.97 |
) |
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$ |
(1.55 |
) |
Awards of stock options and nonvested shares representing additional shares of outstanding common stock were 3 million and 1 million in the second quarter and first half of 2025, respectively, and 1 million and less than 1 million in the second quarter and first half of 2024, respectively, but they were not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive.
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