The reconciliation of basic to diluted weighted-average common shares outstanding was as follows:


	Three Months Ended June 30,
	2026	2025
Basic	138,263	149,344
Dilutive effect of equity awards	296	291
Diluted	138,559	149,635

Excluded
Time-Based Restricted Stock Units	11	60
Long-Term Incentive Plan Performance-Based Stock Units	253	155
Deferred Non-Employee Director Equity Awards	6	5
Employee Stock Purchase Plan	1	4

Excluded Awards. The equity awards excluded from the calculation of the dilutive effect may be excluded due to

one of the following: (1) the shares were antidilutive or (2) the necessary conditions had not been satisfied for the

shares to be deemed issuable based on the Company’s performance for the relevant performance period. The

number of shares stated for each of these excluded awards is the maximum number of shares issuable pursuant to

these awards. For those awards subject to the achievement of performance criteria, the actual number of shares to

be issued pursuant to such awards will be based on Company performance in future periods, net of forfeitures, and

may be materially lower than the number of shares presented, which could result in a lower dilutive effect. Refer to

Note 9, “Stock-Based Compensation,” in the Company’s consolidated financial statements in Part IV of the 2026

Annual Report for further information on the Company’s equity incentive plans.