v3.26.1
Earnings per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Earnings per Share
15. Earnings per Share

The following presents basic and diluted net income (loss) per share of common stock computed using the two-class method:

Basic and Diluted
Three months ended March 31,
(In millions, except share and per share amounts)20262025
Numerator:
Net income (loss) attributable to common stockholders$(1,930)$418 
Dividends declared on common stock1
(295)(264)
Dividends on participating securities2
(17)(14)
Earnings allocable to participating securities— (3)
Undistributed income (loss) attributable to common stockholders: Basic(2,242)137 
Denominator:
Weighted average number of shares of common stock outstanding: Basic 594,853,870 587,258,883 
Dilution effect of options— 1,107,075 
Dilution effect of warrants— 4,618,883 
Weighted average number of shares of common stock outstanding: Diluted594,853,870 592,984,841 
Net income (loss) per share of common stock: Basic
Distributed income$0.51 $0.46 
Undistributed income (loss)(3.78)0.22 
Net income (loss) per share of common stock: Basic$(3.27)$0.68 
Net income (loss) per share of common stock: Diluted3
Distributed income$0.51 $0.46 
Undistributed income (loss)(3.78)0.22 
Net income (loss) per share of common stock: Diluted$(3.27)$0.68 
1 See note 14 for information regarding quarterly dividends.
2 Participating securities consist of vested and unvested RSUs that have rights to dividends and unvested restricted shares.
3 For the three months ended March 31, 2026, all of the classes of securities were determined to be anti-dilutive.

The Company has granted RSUs that provide the right to receive, subject to vesting during continued employment, shares of common stock pursuant to the Equity Plan.

Any dividend equivalent paid to an employee on RSUs will not be returned to the Company upon forfeiture of the award by the employee. Vested and unvested RSUs that are entitled to non-forfeitable dividend equivalents qualify as participating securities and are included in the Company’s basic and diluted earnings per share computations using the two-class method. The holder of an RSU participating security would have a contractual obligation to share in the losses of the entity if the holder is obligated to fund the losses of the issuing entity or if the contractual principal or mandatory redemption amount of the participating security is reduced as a result of losses incurred by the issuing entity. The RSU participating securities do not have a mandatory redemption amount and the holders of the participating securities are not obligated to fund losses; therefore, neither the vested RSUs nor the unvested RSUs are subject to any contractual obligation to share in losses of the Company.

The following table summarizes the anti-dilutive securities:

Three months ended March 31,
20262025
Weighted average unvested RSUs12,945,720 11,691,682 
Weighted average unexercised options609,232 — 
Weighted average unexercised warrants9,459,355 414,286 
Weighted average Mandatory Convertible Preferred Stock14,573,961 14,538,803 
Weighted average unvested restricted shares1,583,897 1,167,810