EARNINGS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

The following table sets forth the computation of basic and diluted earnings per common share (In millions):


	Years Ended December 31,
	2025	2024	2023
Basic earnings per common share:
Net income ...........................................................................................	$40	$3	$17
Loss (income) attributable to noncontrolling interests ........................	–	–	–
Less: Deemed dividends on perpetual preferred stock ........................	(37)	(40)	(32)
Net (loss) income attributable to common shareholders .................	3	(37)	(15)
Less: Earnings allocated to participating securities .............................	(2)	–	–
Net (loss) income attributable to common shareholders - Basic .....	1	(37)	(15)
Weighted average common shares outstanding - Basic .......................	78	77	75
Basic earnings (loss) per common share ..............................................	$0.01	$(0.48)	$(0.20)


	Years Ended December 31,
	2025	2024	2023
Diluted earnings per share:
Net income ...........................................................................................	$40	$3	$17
Loss (income) attributable to noncontrolling interests ........................	–	–	–
Less: Deemed dividends on perpetual preferred stock ........................	(37)	(40)	(32)
Net (loss) income attributable to common shareholders - Diluted ..	3	(37)	(15)
Weighted average common shares outstanding ...................................	78	77	75
Dilutive effect of employee stock options ...........................................	6	—	—
Dilutive effect of participating securities .............................................	142	—	—
Weighted average common shares outstanding - Diluted ....................	226	77	75
Diluted earnings (loss) per common share ...........................................	$0.01	$(0.48)	$(0.20)

The following table sets forth the computation of basic and diluted earnings per common share (In millions):


	Years Ended December 31,
	2025	2024	2023
Basic earnings per common share:
Net income ...........................................................................................	$40	$3	$17
Loss (income) attributable to noncontrolling interests ........................	–	–	–
Less: Deemed dividends on perpetual preferred stock ........................	(37)	(40)	(32)
Net (loss) income attributable to common shareholders .................	3	(37)	(15)
Less: Earnings allocated to participating securities .............................	(2)	–	–
Net (loss) income attributable to common shareholders - Basic .....	1	(37)	(15)
Weighted average common shares outstanding - Basic .......................	78	77	75
Basic earnings (loss) per common share ..............................................	$0.01	$(0.48)	$(0.20)


	Years Ended December 31,
	2025	2024	2023
Diluted earnings per share:
Net income ...........................................................................................	$40	$3	$17
Loss (income) attributable to noncontrolling interests ........................	–	–	–
Less: Deemed dividends on perpetual preferred stock ........................	(37)	(40)	(32)
Net (loss) income attributable to common shareholders - Diluted ..	3	(37)	(15)
Weighted average common shares outstanding ...................................	78	77	75
Dilutive effect of employee stock options ...........................................	6	—	—
Dilutive effect of participating securities .............................................	142	—	—
Weighted average common shares outstanding - Diluted ....................	226	77	75
Diluted earnings (loss) per common share ...........................................	$0.01	$(0.48)	$(0.20)