
	Three Months Ended June 30,		Six Months Ended June 30,
(in millions)	2026	2025	2026	2025
Weighted average shares outstanding — basic	1,470.2	1,479.9	1,477.6	1,478.5
Net effect of common stock equivalents	4.6	13.7	7.4	14.8
Weighted average shares outstanding - diluted	1,474.8	1,493.5	1,484.9	1,493.3

The following securities were excluded from the calculation of weighted average shares outstanding - diluted because their effect in the periods presented below would have been antidilutive:

(1) Represents stock options outstanding pursuant to our employee stock-based compensation plans with exercise prices that were greater than the average fair market value of our common stock for the related periods.

We base Net income (loss) per common share - diluted upon the weighted-average number of common shares and common stock equivalents outstanding during each year. Potential common stock equivalents are determined using the treasury stock method. We exclude stock options and stock awards from the calculation if the effect would be anti-dilutive.

We issued less than one million shares of our common stock in the second quarter of 2026, approximately four million shares of our common stock in the first six months of 2026, approximately one million shares in the second quarter of 2025 and approximately six million shares in the first six months of 2025. Shares were issued following the exercise of stock options, vesting of restricted stock units or purchases under our employee stock purchase plan.

On February 18, 2026, our Board of Directors approved a $4.000 billion increase to our existing authorization to repurchase up to $1.000 billion of our common stock, increasing the total repurchase authorization to $5.000 billion. On May 18, 2026, we entered into an accelerated share repurchase agreement (the ASR agreement) with JPMorgan Chase Bank, National Association (JPMorgan), to repurchase $2.000 billion of our common stock. On May 19, 2026, under the terms of the ASR agreement, we made an aggregate upfront payment of $2.000 billion to JPMorgan and received an initial delivery of approximately 30 million shares of our common stock, representing approximately 80 percent of the transaction value based on the closing price of our common stock on May 15, 2026. The final settlement occurred on June 12, 2026, and we received approximately 10 million additional shares of our common stock.

The total number of shares repurchased under the ASR agreement was based on the volume-weighted average price of our common stock during the repurchase period, less adjustments pursuant to the terms and conditions of the ASR agreement. The total number of shares repurchased under the ASR agreement are held as treasury stock within our accompanying unaudited consolidated balance sheets. As of June 30, 2026, we had $3.000 billion remaining available under the share repurchase authorization. We did not repurchase any shares of our common stock in the first six months of 2025.

The initial repurchase of our common stock and final settlement reduced the weighted average shares outstanding used to calculate basic and diluted earnings per share. The initial repurchase of our common stock was accounted for as a reduction of stockholders’ equity within our accompanying unaudited consolidated balance sheets. The remainder was accounted for as an unsettled forward contract indexed to our common stock until the final settlement occurred. The forward contract was classified as equity through the final settlement date in accordance with FASB ASC Topic 815.