Earnings per Share (Tables)

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)	2026		2025
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: Diluted	594,853,870		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 following table summarizes the anti-dilutive securities:


	Three months ended March 31,
	2026	2025
Weighted average unvested RSUs	12,945,720	11,691,682
Weighted average unexercised options	609,232	—
Weighted average unexercised warrants	9,459,355	414,286
Weighted average Mandatory Convertible Preferred Stock	14,573,961	14,538,803
Weighted average unvested restricted shares	1,583,897	1,167,810