EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2026

EARNINGS (LOSS) PER SHARE

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) by the weighted-average number of shares of common stock outstanding during the period, increased to include the number of shares of common stock that would have been outstanding had potentially dilutive shares of common stock been issued. The dilutive effect of restricted stock units is reflected in diluted earnings (loss) per share by applying the treasury stock method.

There are no adjustments required to be made to net income (loss) for purposes of computing basic and diluted earnings (loss) per share.

Basic and diluted earnings (loss) per share are calculated as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
In millions, except per share amounts	2026		2025		2026		2025
Net income (loss)	$	(11)	$	15	$	(14)	$	42
Weighted average common shares outstanding	39.8		40.6		39.7		40.6
Effect of dilutive securities (a)	—		0.5		—		0.7
Weighted average common shares outstanding - assuming dilution	39.8		41.1		39.7		41.3
Earnings (loss) per share - basic	$	(0.28)	$	0.37	$	(0.35)	$	1.03
Earnings (loss) per share - diluted	$	(0.28)	$	0.37	$	(0.35)	$	1.02
Anti-dilutive shares (b)	0.5		0.2		0.4		0.1

(a) For the three months and six months ended June 30, 2026, 0.2 million and 0.3 million weighted average shares, respectively, were excluded because their inclusion would have an anti-dilutive effect on net loss per share.

(b) Common stock related to service-based restricted stock units and performance-based restricted stock units were outstanding but excluded from the computation of diluted earnings (loss) per share because their effect would be anti-dilutive under the treasury stock method or because the shares were subject to performance conditions that had not been met.