The following table presents a reconciliation of net income (loss) and weighted-average common shares used in calculating basic and diluted earnings per common share:


	Three Months Ended March 31,
		2026		2025
		(in millions, except per share data)
Weighted-average common shares outstanding:
Weighted-average common shares outstanding — basic		281.3		307.8
Effect of dilutive potential common shares:
Employee share awards (1)		2.5		4.1
Weighted-average common shares outstanding — diluted		283.8		311.9

Net income (loss):
Net income (loss)		$	731	$	150
Less: Net income (loss) attributable to the noncontrolling interest		110		87
Net income (loss) attributable to Holdings		621		63
Less: Preferred stock dividends		14		14
Net income (loss) available to Holdings’ common shareholders		$	607	$	49

Earnings per common share:
Basic		$	2.16	$	0.16
Diluted		$	2.14	$	0.16

For the three months ended March 31, 2026 and 2025, 1.2 million and 1.9 million, respectively, of outstanding stock awards were not included in the computation of diluted EPS because their effect was anti-dilutive.