| The following is a reconciliation between basic and diluted weighted average shares outstanding:
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Three months ended June 30, |
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Six months ended June 30, |
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(in millions, except per share data) |
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2026 |
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2025 |
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2026 |
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2025 |
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Numerator: |
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Net income attributable to the Company |
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$ |
288 |
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$ |
231 |
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$ |
714 |
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$ |
563 |
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Less: Net income attributable to unvested awarded performance stock |
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(4 |
) |
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(3 |
) |
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(9 |
) |
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(6 |
) |
Net income attributable to common shares – basic |
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$ |
284 |
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$ |
228 |
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$ |
705 |
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$ |
557 |
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Less: Gain on mark-to-market of escrow liability (1) |
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(5 |
) |
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— |
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(69 |
) |
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— |
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Net income attributable to common shares – diluted |
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$ |
279 |
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$ |
228 |
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$ |
636 |
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$ |
557 |
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Denominator: |
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Weighted average number of common shares outstanding |
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333 |
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295 |
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334 |
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291 |
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Less: Unvested awarded performance stock |
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(4 |
) |
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(3 |
) |
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(4 |
) |
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(4 |
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Weighted average number of common shares outstanding – basic |
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329 |
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292 |
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330 |
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287 |
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Dilutive effect of stock compensation plans |
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1 |
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1 |
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1 |
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2 |
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Dilutive effect of contingently issuable shares (1) |
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4 |
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— |
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4 |
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— |
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Weighted average number of shares outstanding – diluted |
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334 |
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293 |
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335 |
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289 |
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Net income per share: |
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Basic |
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$ |
0.86 |
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$ |
0.79 |
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$ |
2.14 |
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$ |
1.94 |
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Diluted |
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$ |
0.84 |
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$ |
0.78 |
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$ |
1.90 |
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$ |
1.93 |
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(1)The calculation of diluted net income per share for the three and six months ended June 30, 2026, excludes the gain on the mark-to-market of escrow liability in the numerator and includes the shares held in escrow in the denominator, in accordance with ASC 260 - Earnings Per Share, which requires this treatment in periods where the combined effect of these adjustments is accretive to earnings.
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