v3.25.3
Net Income Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
The following table sets forth the calculation of basic and diluted net income per share:
Three Months Ended September 30,Nine Months Ended September 30,
 2025202420252024
 (In millions, except net income per share)
Numerator:
Net income$79 $326 $632 $928 
Denominator:
Shares outstanding at the beginning of the period53.6 58.1 55.0 57.8 
Weighted-average number of shares issued:
Stock-based compensation— — 0.2 0.2 
Stock purchases(1.1)(0.5)(1.7)(0.2)
Denominator for basic net income per share52.5 57.6 53.5 57.8 
Effect of dilutive securities: (1)
Stock-based compensation— 0.1 0.1 0.3 
Denominator for diluted net income per share52.5 57.7 53.6 58.1 
Net income per share - Basic (2)
$1.51 $5.67 $11.81 $16.05 
Net income per share - Diluted (2)
$1.51 $5.65 $11.79 $15.97 
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(1)    The dilutive effect of all potentially dilutive common shares is calculated using the treasury stock method. Certain potentially dilutive common shares issuable are not included in the computation of diluted net income per share because to do so would be anti-dilutive. For the three and nine months ended September 30, 2025, 532,000 and 265,000 shares were excluded from diluted shares outstanding. For the three and nine months ended September 30, 2024, 196,000 and 102,000 shares, respectively, were excluded from diluted shares outstanding.
(2)    Source data for calculations in thousands.