Note 12. Earnings Per Share A reconciliation between basic and diluted earnings per share is as follows (in millions, except per share data): | | | | | | | | | | | | | | | | | | | Year Ended December 31, | | 2025 | | 2024 | | 2023 | | Net Income attributable to Royal Caribbean Cruises Ltd. for basic earnings per share | $ | 4,268 | | | $ | 2,877 | | | $ | 1,697 | | | Add convertible notes interest and inducement expense | 16 | | | 175 | | | 88 | | | Net Income attributable to Royal Caribbean Cruises Ltd. for diluted earnings per share | $ | 4,284 | | | $ | 3,052 | | | $ | 1,785 | | | Weighted-average common shares outstanding | 271 | | | 261 | | | 256 | | | Dilutive effect of stock-based awards | 1 | | | 1 | | | 1 | | | Dilutive effect of convertible notes | 2 | | | 17 | | | 26 | | | Diluted weighted-average shares outstanding | 274 | | | 279 | | | 283 | | Basic earnings per share (1) | $ | 15.75 | | | $ | 11.00 | | | $ | 6.63 | | Diluted earnings per share (1) | $ | 15.61 | | | $ | 10.94 | | | $ | 6.31 | |
(1) Per share amounts may not calculate due to the use of rounded numbers. There were no antidilutive shares for years ended December 31, 2025, 2024 and 2023, respectively.
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