| Earnings (Loss) per Share An economic interest in Partnership common equity is held by the holders of Class B exchangeable limited partnership units (the “Partnership exchangeable units”), which is reflected as a noncontrolling interest in our equity. See Note 11, Shareholders’ Equity. Basic and diluted earnings (loss) per share are computed using the weighted average number of shares outstanding for the period. We apply the treasury stock method to determine the dilutive weighted average common shares represented by outstanding equity awards, unless the effect of their inclusion is anti-dilutive. The diluted earnings (loss) per share calculation assumes conversion of 100% of the Partnership exchangeable units under the “if converted” method. Accordingly, the numerator is also adjusted to include the earnings (loss) allocated to the holders of noncontrolling interests. The following table summarizes the basic and diluted earnings (loss) per share calculations (in millions, except per share amounts): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Numerator: | | | | | | | | | Net income from continuing operations attributable to common shareholders - basic | $ | 507 | | | $ | 190 | | | $ | 845 | | | $ | 350 | | | Add: Net income from continuing operations attributable to noncontrolling interests | 158 | | | 74 | | | 265 | | | 137 | | | Net income from continuing operations available to common shareholders and noncontrolling interests - diluted | $ | 665 | | | $ | 264 | | | $ | 1,110 | | | $ | 487 | | | | | | | | | | | Net loss from discontinued operations | $ | — | | | $ | 1 | | | $ | — | | | $ | 3 | | | | | | | | | | | Net income attributable to common shareholders - basic | $ | 507 | | | $ | 189 | | | $ | 845 | | | $ | 348 | | | Add: Net income attributable to noncontrolling interests | 158 | | | 74 | | | 265 | | | 136 | | | Net income available to common shareholders and noncontrolling interests - diluted | $ | 665 | | | $ | 263 | | | $ | 1,110 | | | $ | 484 | | | | | | | | | | | Denominator: | | | | | | | | | Weighted average common shares - basic | 348 | | | 328 | | | 347 | | | 327 | | | Exchange of noncontrolling interests for common shares (Note 11) | 108 | | | 127 | | | 109 | | | 127 | | | Effect of other dilutive securities | 4 | | | 2 | | | 3 | | | 2 | | | Weighted average common shares - diluted | 460 | | | 457 | | | 459 | | | 456 | | | | | | | | | | | Basic net income per share from continuing operations (a) | $ | 1.46 | | | $ | 0.58 | | | $ | 2.43 | | | $ | 1.07 | | | Basic net loss per share from discontinued operations (a) | $ | — | | | $ | (0.00) | | | $ | — | | | $ | (0.01) | | | Basic net income per share (a) | $ | 1.46 | | | $ | 0.58 | | | $ | 2.43 | | | $ | 1.07 | | | | | | | | | | | Diluted net income per share from continuing operations (a) | $ | 1.45 | | | $ | 0.58 | | | $ | 2.42 | | | $ | 1.07 | | | Diluted net loss per share from discontinued operations (a) | $ | — | | | $ | (0.00) | | | $ | — | | | $ | (0.01) | | | Diluted net income per share (a) | $ | 1.45 | | | $ | 0.57 | | | $ | 2.42 | | | $ | 1.06 | | | | | | | | | | | Anti-dilutive securities outstanding | — | | | 5 | | | — | | | 5 | |
(a) Earnings (loss) per share may not recalculate exactly as it is calculated based on unrounded numbers.
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