NOTE 6. EARNINGS PER SHARE We did not declare any stock dividends in the periods presented. The following table provides the computation of basic and diluted earnings per share of common stock for the years ended March 31, 2026, 2025 and 2024. | | | | | | | | | | | | Year Ended March 31, | (In millions, except per share amounts) | | 2026 | | 2025 | | 2024 | Net income (loss) on which basic and diluted earnings per share is calculated | | $ | 198 | | $ | 252 | | $ | (340) | | | | | | | | | | | Number of shares on which basic earnings (loss) per share is calculated | | | 228.3 | | | 231.5 | | | 229.2 | Dilutive effect of stock options and equity awards | | | 5.5 | | | 7.7 | | | — | Number of shares on which diluted earnings (loss) per share is calculated | | | 233.8 | | | 239.1 | | | 229.2 | | | | | | | | | | | Basic earnings (loss) per share | | $ | 0.87 | | $ | 1.09 | | $ | (1.48) | Diluted earnings (loss) per share | | | 0.85 | | | 1.05 | | | (1.48) |
For the year ended March 31, 2024, the number of shares on which basic and diluted earnings (loss) per share is calculated was the same as a result of the net loss incurred in the period. The following securities were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive: | | | | | | | | | Year Ended March 31, | (In millions) | | 2026 | | 2025 | | 2024 | Nonvested restricted stock units | | 2.4 | | 0.6 | | 8.8 | Nonvested performance-conditioned stock units | | 2.9 | | 4.2 | | 3.0 | Nonvested market-conditioned stock units | | 0.2 | | 0.7 | | 2.7 | Stock options issued and outstanding | | 0.7 | | — | | 3.6 | Total | | 6.2 | | 5.5 | | 18.1 |
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