The methodology for calculating basic and diluted earnings per share was disclosed in our combined 2024 Form 10-K. Except as described below, there have been no material changes in those disclosures.

Until settlement of the equity forwards executed in April 2025 and May 2025 further described in Note 15, dilutive earnings per common share reflects the dilutive impact of potential issuances of shares of Common Stock associated with the outstanding equity forwards. The dilutive effect of equity forwards is determined under the treasury stock method. Share dilution occurs when the average market price of Common Stock is higher than the forward sales price at the end of the reporting period.

Diluted earnings per common share will also reflect the dilutive effect of potential conversions of our convertible notes into shares of Common Stock. Convertible debt in which the principal amount must be settled in cash is excluded from the calculation of diluted earnings per common share. There would be no interest expense adjustment to the numerator for the cash-settled portion of the convertible notes because that portion will always be settled in cash. The conversion spread value in shares will be included in diluted earnings per common share using the if-converted method if the average market price of Common Stock is higher than the conversion price. The denominator of diluted earnings per common share is determined by dividing the conversion spread value of the share-settled portion of the convertible notes as of the reporting date by the average share price over the reporting period. For further details about the 2028 Convertible Notes, see Note 9.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in millions, except per share and share amounts)
Numerator:
Net income	$	293	$	193	$	788	$	771
Denominator:
Weighted average common shares outstanding – basic	652,862,000		647,797,000		652,605,000		640,287,000
Plus:
Restricted stock	2,161,000		417,000		1,460,000		1,074,000


Equity forwards	981,000		—		591,000		—
Convertible notes (1)	24,000		—		24,000		—
Weighted average common shares outstanding – diluted	656,028,000		648,214,000		654,680,000		641,361,000







Earnings Per Common Share:


Basic	$	0.45	$	0.30	$	1.21	$	1.20


Diluted	$	0.45	$	0.30	$	1.20	$	1.20