Earnings Per Share

6 Months Ended

Jun. 30, 2025

14. Earnings Per Share

Basic EPS is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the applicable period. Diluted EPS is computed by dividing income by the weighted-average number of shares of common stock outstanding, increased by incremental shares that would be outstanding if potentially dilutive non-participating securities were converted to common stock as calculated using the treasury stock method. EPS for the periods were:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Numerator: (Millions of Dollars)
Net Income (Loss)	$	72	$	458	$	(63)	$	777
Less:
Net income (loss) attributable to noncontrolling interest	—		4		—		29
Net Income (Loss) Attributable to Stockholders	$	72	$	454	$	(63)	$	748

Denominator: (Thousands)
Weighted-Average Number of Common Shares Outstanding - Basic	45,554		57,434		45,699		58,119
Warrants	—		268		—		234
Restricted stock units	257		332		—		262
Performance stock units	2,095		1,741		—		1,654
Weighted-Average Number of Common Shares Outstanding - Diluted	47,905		59,775		45,699		60,269

Earnings per Share - Basic	$	1.58	$	7.90	$	(1.38)	$	12.87
Earnings per Share - Diluted	1.50		7.60		(1.38)		12.41

Diluted EPS for the three months ended June 30, 2025 excludes 83,347 PSUs due to their anti-dilutive nature. As there is a Net Loss Attributable to Stockholders for the six months ended June 30, 2025, the computation of diluted EPS excludes 266,938 RSUs and 2,166,138 PSUs.