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PREFERRED AND COMMON STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
PREFERRED AND COMMON STOCKHOLDERS' EQUITY PREFERRED AND COMMON STOCKHOLDERS' EQUITY
The Company is authorized to issue up to 5.0 million shares of preferred stock, par value $0.01 per share. There were no shares of preferred stock outstanding at March 31, 2026.
The Company is authorized to issue up to 150.0 million shares of common stock, par value $0.01 per share. There were 94.4 million shares of common stock issued and outstanding at March 31, 2026.
Shares of Common Stock Issued and Outstanding
A summary of the changes in the issued and outstanding common stock for the three months ended March 31, 2026 and 2025 is as follows:
Three months ended
March 31,
(in millions)20262025
Beginning common stock issued and outstanding93.5 91.3 
Common stock issued upon exercise of options, vesting of restricted stock units, and purchases under employee stock purchase plan0.9 0.9 
Common stock issued and outstanding at end of period94.4 92.2 
Basic earnings per share is computed based on the weighted-average number of shares of common stock outstanding. Diluted earnings per share is computed based on the weighted-average number of shares of common stock, including the dilutive effect of common stock equivalents, outstanding. In periods when the Company has a net loss, stock awards are excluded from the calculation of diluted net loss per share as their inclusion would have an antidilutive effect.
The following is a reconciliation of the denominators of the basic and diluted earnings per share (“EPS”) computations:
Three months ended
March 31,
(in millions)20262025
Denominator:
Weighted-average shares outstanding used to compute basic EPS93.7 91.4 
Effect of dilutive shares— — 
Weighted-average shares outstanding and dilutive securities used to compute diluted EPS93.7 91.4 
Certain outstanding options and restricted stock units (“RSUs”) were excluded from the computation of diluted earnings per share because the effect would have been anti-dilutive. These potential dilutive shares of common stock, which may be dilutive to future diluted earnings per share, are as follows:
Three months ended
March 31,
(in millions)20262025
Anti-dilutive options and RSUs excluded from EPS computation9.6 5.8