EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2025

Basic and diluted earnings per share (EPS) were calculated using the treasury stock method for the three and six months ended June 30, 2025 and 2024. Our restricted stock unit (RSU) and performance stock unit (PSU) awards are not considered participating securities since the dividend rights on unvested shares are forfeitable.

For basic EPS, the weighted-average number of common shares outstanding excludes shares underlying our equity-settled awards and warrants. For diluted EPS, the basic shares outstanding are adjusted by adding potential common shares, if dilutive.

The following table presents the calculation of basic and diluted EPS, for the three and six months ended June 30, 2025 and 2024:


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024

	(in millions, except per-share amounts)
Numerator for Basic and Diluted EPS
Net income (loss)	$	172	$	8	$	287	$	(2)





Denominator for Basic EPS
Weighted-average shares	89.0		68.1		89.8		68.6

Potential common shares, if dilutive:
Warrants	—		1.2		—		—
Restricted stock units	0.3		0.4		0.3		—
Performance stock units	0.1		0.3		0.2		—

Denominator for Diluted EPS
Weighted-average shares	89.4		70.0		90.3		68.6

EPS
Basic	$	1.93	$	0.12	$	3.20	$	(0.03)
Diluted	$	1.92	$	0.11	$	3.18	$	(0.03)

The potentially dilutive weighted-average common shares of 6 million which were excluded from the denominator of diluted EPS for the six months ended June 30, 2024 included (i) 4.2 million for shares issuable upon exercise of warrants, (ii) 800,000 for shares issuable upon settlement of RSUs and (iii) 1 million shares issuable upon settlement of PSUs.