| EARNINGS PER COMMON SHARE The following table presents a reconciliation of net income (loss) and weighted-average common shares used in calculating basic and diluted earnings per common share: | | | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | | | (in millions, except per share data) | | Weighted-average common shares outstanding: | | | | | | | | | | Weighted-average common shares outstanding — basic | 278.3 | | | 303.2 | | | 279.8 | | | 305.5 | | | | | Effect of dilutive potential common shares: | | | | | | | | | | | Employee share awards (1) | — | | | — | | | 1.8 | | | — | | | | Weighted-average common shares outstanding — diluted | 278.3 | | | 303.2 | | | 281.6 | | | 305.5 | | | | | | | | | | | | | | | Net income (loss): | | | | | | | | | | | Net income (loss) | $ | (353) | | | $ | (283) | | | $ | 378 | | | $ | (133) | | | | | Less: Net income (loss) attributable to the noncontrolling interest | 100 | | | 66 | | | 210 | | | 153 | | | | | Net income (loss) attributable to Holdings | (453) | | | (349) | | | 168 | | | (286) | | | | | Less: Preferred stock dividends | 13 | | | 18 | | | 27 | | | 32 | | | | | Net income (loss) available to Holdings’ common shareholders | $ | (466) | | | $ | (367) | | | $ | 141 | | | $ | (318) | | | | | | | | | | | | | | | | Earnings per common share: | | | | | | | | | | | Basic | $ | (1.68) | | | $ | (1.21) | | | $ | 0.50 | | | $ | (1.04) | | | | | Diluted | $ | (1.68) | | | $ | (1.21) | | | $ | 0.50 | | | $ | (1.04) | | | |
______________ (1)Calculated using the treasury stock method. For the three and six months ended June 30, 2026 and 2025, 2.5 million, 1.2 million, 5.0 million and 5.5 million respectively, of outstanding stock awards were not included in the computation of diluted EPS because their effect was anti-dilutive.
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