Earnings per share and shareholders’ equity |
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| Earnings per share and shareholders’ equity | Note 21. Earnings per share and shareholders’ equity Basic earnings per share is computed by dividing net income attributable to the Company by the weighted- average number of shares outstanding during the applicable period. Diluted earnings per share is computed by dividing net income attributable to the Company by the weighted-average number of shares outstanding during the applicable period, plus the effect of dilutive securities. The computation of diluted earnings per share excludes the effect of the potential exercise of share-based awards, when the effect of the potential exercise would be antidilutive. The number of shares that had an anti-dilutive effect under the treasury stock method was immaterial for the three and six months ended June 30, 2026. The calculation for basic and diluted earnings per share for any period presented prior to the Spin-Off were based on the number of shares outstanding on the Separation and Distribution Date and have been retrospectively presented. For periods prior to the Spin-Off, there are no dilutive equity instruments as there were no Company share-based awards outstanding at the time. The calculation of basic and diluted earnings per share for the three and six months ended June 30, 2026 and 2025 was as follows:
Share repurchase program On February 17, 2026, the Company announced that the Board of Directors approved a share repurchase authorization of $1.0 billion, with a 12-month expiration (18.8 million shares based on the closing common stock price of $53.30 per share as of June 30, 2026). The Company implemented the share repurchase program during the second quarter of 2026, which began the one year expiration period. As of June 30, 2026, this repurchase program had $0.8 billion (15.1 million shares at the same price) remaining to be repurchased. Under the repurchase authorization, share repurchases may be made through an agent, in the open market, or through privately negotiated transactions. Our share repurchase program is executed in compliance with Swiss law. See Note 23 in our 2025 Form 10-K and Item 2 in Part II of this Form 10-Q for more information. At the time of the Spin-Off, 13,793,444 shares were contributed from Holcim as treasury stock for no consideration. These shares were recorded on the balance sheet with no cost basis. Shares repurchased under the authorized share repurchase program are recorded at cost, including fees paid to third parties and withholding taxes. Share repurchases executed in the second quarter of 2026 include withholding taxes that will be paid in the third quarter of 2026. Dividends On April 21, 2026, at the Company's 2026 annual general meeting of shareholders, the shareholders approved the following payments out of the legal reserves from capital contributions: (i) a one-time cash dividend in the form of a special distribution of $0.44 per outstanding share (the “Special Dividend”), and (ii) an ordinary annual cash dividend in the form of a regular distribution of up to $0.44 per outstanding share (“Ordinary Dividend”) to be paid in up to four (4) installments at the discretion of the Company’s Board of Directors (the “Board”). The Special Dividend was paid on May 4, 2026, with an ex-dividend date of April 24, 2026, and the first installment of the Ordinary Dividend of $0.11 per share was paid on May 20, 2026, with an ex-dividend date of May 12, 2026.
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