Note 4. Earnings Per Share A reconciliation between basic and diluted earnings per share is as follows (in millions, except per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Quarter Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Net Income attributable to Royal Caribbean Cruises Ltd. for basic earnings per share | $ | 1,128 | | | $ | 1,210 | | | $ | 2,070 | | | $ | 1,940 | | | Add convertible notes interest and inducement expense | — | | | 1 | | | — | | | 16 | | | Net Income attributable to Royal Caribbean Cruises Ltd. for diluted earnings per share | $ | 1,128 | | | $ | 1,211 | | | $ | 2,070 | | | $ | 1,956 | | | Weighted-average common shares outstanding | 268 | | | 272 | | | 269 | | | 270 | | | Dilutive effect of stock-based awards | 1 | | | 1 | | | 1 | | | 1 | | | Dilutive effect of convertible notes | — | | | 2 | | | — | | | 4 | | | Diluted weighted-average shares outstanding | 268 | | | 275 | | | 270 | | | 275 | | | Basic earnings per share | $ | 4.21 | | | $ | 4.45 | | | $ | 7.70 | | | $ | 7.17 | | | Diluted earnings per share | $ | 4.20 | | | $ | 4.41 | | | $ | 7.68 | | | $ | 7.10 | |
There were no antidilutive shares for the quarters and six months ended June 30, 2026 and 2025, respectively.
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