v3.26.1
Loss Per Common Share
6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Loss Per Common Share
Note 8—Loss Per Common Share

Basic and diluted loss per common share for the three and six months ended June 30, 2026 and 2025 were calculated as follows:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
(Dollars in millions, except per share amounts, shares in thousands)
Loss (numerator)
Net loss$(201)(915)(401)(1,116)
Net loss applicable to common stock for computing basic loss per common share(201)(915)(401)(1,116)
Net loss as adjusted for purposes of computing diluted loss per common share(201)(915)(401)(1,116)
Shares (denominator):
Weighted-average number of shares:
Outstanding during period1,030,242 1,026,486 1,028,533 1,022,369 
Non-vested restricted stock(26,138)(31,943)(27,035)(29,463)
Weighted average shares outstanding for computing basic loss per common share1,004,104 994,543 1,001,498 992,906 
Incremental common shares attributable to dilutive securities:
Shares issuable under convertible securities— — — — 
Shares issuable under incentive compensation plans— — — — 
Number of shares as adjusted for purposes of computing diluted loss per common share1,004,104 994,543 1,001,498 992,906 
Basic loss per common share$(0.20)(0.92)(0.40)(1.12)
Diluted loss per common share(1)
$(0.20)(0.92)(0.40)(1.12)
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(1)For the three and six months ended June 30, 2026, we excluded from the calculation of diluted loss per share 11 million and 12 million shares, respectively, potentially issuable under incentive compensation plans or convertible securities, as their effect, if included, would have been anti-dilutive due to our net loss position. For the three and six months ended June 30, 2025, we excluded from the calculation of diluted loss per share 7 million and 9 million shares, respectively, potentially issuable under incentive compensation plans or convertible securities, as their effect, if included, would have been anti-dilutive due to our net loss position.     

Our calculation of diluted loss per common share excludes non-vested restricted stock awards that are anti-dilutive based upon the terms of the award. Such shares were 3.0 million and 22.9 million for the three months ended June 30, 2026 and 2025, respectively, and 3.9 million and 18.2 million for the six months ended June 30, 2026 and 2025.