The following table presents the computation of basic and diluted income (loss) per common share:



	2026		2025		2024
	(in millions, except per share data)
Net income (loss) from continuing operations	$	9,424	$	1,643	$	(765)
Dividends allocated to preferred shareholders	(12)		(17)		(54)
Income attributable to participating securities(1)	(126)		(28)		—
Net income (loss) from continuing operations attributable to common shareholders - basic	9,286		1,598		(819)
Net income (loss) from discontinued operations, net of taxes, attributable to common shareholders	—		242		(33)
Net income (loss) attributable to common shareholders - basic	$	9,286	$	1,840	$	(852)

Net income (loss) from continuing operations attributable to common shareholders - basic	$	9,286	$	1,598	$	(819)
Re-allocation of participating securities considered potentially dilutive	12		1		—
Net income (loss) from continuing operations attributable to common shareholders - diluted	9,298		1,599		(819)
Net income (loss) from discontinued operations, net of taxes, attributable to common shareholders	—		242		(33)
Net income (loss) attributable to common shareholders - diluted	$	9,298	$	1,841	$	(852)

Weighted average shares:
Basic	345		347		326
RSUs, PSUs, ESPP, and the convertible notes	38		12		—
Diluted	383		359		326

Net income (loss) per common share:
Basic:
Continuing operations	$	26.92	$	4.61	$	(2.51)
Discontinued operations	—		0.70		(0.10)
Net income (loss) per common share	26.92		5.31		(2.61)
Diluted:
Continuing operations	24.28		4.45		(2.51)
Discontinued operations	—		0.67		(0.10)
Net income (loss) per common share	24.28		5.12		(2.61)

Anti-dilutive potential common shares excluded	—		—		22

Basic net income (loss) per common share is computed using (i) net income (loss) less (ii) dividends allocated to preferred shareholders less (iii) net income (loss) attributable to participating securities divided by (iv) basic weighted average shares outstanding. Diluted net income (loss) per common share is computed as (i) basic net income (loss) attributable to common shareholders plus (ii) diluted adjustments to income allocable to participating securities divided by (iii) diluted weighted average shares outstanding. The “if-converted” method is used to determine the dilutive impact for the convertible notes and, for the periods they were outstanding, the Preferred Shares. The treasury stock method is used to determine the dilutive impact of unvested equity awards.

Potentially dilutive common shares include dilutive outstanding RSUs and PSUs, rights to purchase shares of common stock under the Company’s ESPP, shares issuable in connection with the Company’s convertible notes, and Preferred Shares. For 2026 and 2025, based on the Company’s average stock price during the period, an insignificant number of common shares subject to outstanding equity awards were anti-dilutive. For 2024, the Company recorded a net loss and all shares subject to outstanding equity awards were excluded from the calculation of diluted shares for the period because their impact would have been anti-dilutive.