Basic earnings per share (EPS) is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding during the period. Net income available to common stockholders reflects the deduction of dividends declared on our preferred stock. Diluted EPS reflects the assumed conversion of unvested restricted stock awards pursuant to the Treasury Stock method.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
(Millions, except per share amounts)
Numerator
Income from continuing operations	$	156	$	188	$	483	$	468
Loss from discontinued operations, net of income taxes (1)	—		—		—		(4)
Net income	156		188		483		$	464
Less: Preferred stock dividends	(6)		—		(10)		—
Net income available to common stockholders	$	150	$	188	$	473	$	464

Denominator
Weighted average common stock outstanding – basic	38.3		46.5		40.3		47.4

Add: net effect of dilutive unvested restricted stock awards (2)	1.0		1.0		0.7		0.7

Weighted average common stock outstanding – diluted	39.3		47.5		41.0		48.1

Basic EPS
Income from continuing operations	$	3.91	$	4.04	$	11.75	$	9.88
Loss from discontinued operations	$	—	$	—	$	—	$	(0.09)
Net income per share	$	3.91	$	4.04	$	11.75	$	9.79

Diluted EPS
Income from continuing operations	$	3.82	$	3.96	$	11.54	$	9.74
Loss from discontinued operations	$	—	$	—	$	—	$	(0.09)
Net income per share	$	3.82	$	3.96	$	11.54	$	9.65

(1)Includes amounts that related to the previously disclosed discontinued operations associated with the spinoff of our former LoyaltyOne segment in 2021 and the sale of our former Epsilon segment in 2019. For additional information, refer to Note 1, “Description of Business, Basis of Presentation and Significant Accounting Policies” to the unaudited Consolidated Financial Statements.

(2)As the effect would have been anti-dilutive, for the nine months ended September 30, 2025, approximately 0.5 million restricted stock awards were excluded from the calculation of weighted average dilutive common shares. There were no anti-dilutive restricted stock awards for the three and nine months ended September 30, 2026; similarly, there were no anti-dilutive restricted stock awards for the three months ended September 30, 2025.