Basic and diluted earnings per share (EPS) were calculated using the treasury stock method for the three and nine months ended September 30, 2026 and 2025. Our restricted stock unit (RSU) and performance stock unit (PSU) awards are not considered participating securities since the dividend rights on unvested shares are forfeitable.

For basic EPS, the weighted-average number of common shares outstanding excludes shares underlying our equity-settled awards and warrants. For diluted EPS, the basic shares outstanding are adjusted by adding potential common shares, if dilutive.

The following table presents the calculation of basic and diluted EPS, for the three and nine months ended September 30, 2026 and 2025:


	Three months ended September 30,				Nine months ended September 30,
	2026		2025		2026		2025

	(in millions, except per-share amounts)
Numerator for Basic and Diluted EPS
Net (loss) income	$	(315)	$	64	$	(512)	$	351





Denominator for Basic EPS
Weighted-average shares	88.7		83.7		88.7		87.8

Potential common shares, if dilutive:

Restricted stock units	—		0.4		—		0.3
Performance stock units	—		0.3		—		0.3

Denominator for Diluted EPS
Weighted-average shares	88.7		84.4		88.7		88.4

EPS
Basic	$	(3.55)	$	0.76	$	(5.77)	$	4.00
Diluted	$	(3.55)	$	0.76	$	(5.77)	$	3.97

The following table presents potentially dilutive weighted-average common shares which were excluded from the denominator for EPS in periods of losses:


	Three months ended September 30,		Nine months ended September 30,
	2026	2025	2026	2025
	(in millions)		(in millions)
Shares issuable upon settlement of RSUs	1.0	—	1.0	—
Shares issuable upon settlement of PSUs	0.9	—	0.9	—
Total antidilutive shares	1.9	—	1.9	—