The following table sets forth the computation of basic and diluted earnings (loss) per common share: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
September 30, | | Nine Months Ended
September 30, | (In millions, except per share data)(1) | 2026 | | 2025 | | 2026 | | 2025 | | Numerator: | | | | | | | | | Net income (loss) available to Hertz Global common stockholders, basic | $ | 116 | | | $ | 184 | | | $ | (153) | | | $ | (553) | | | | | | | | | | Impact of Exchangeable Notes Due 2029 | (4) | | | (30) | | | (41) | | | — | | Impact of Exchangeable Notes Due 2030 | 1 | | | — | | | — | | | — | | Impact of Exchangeable First Lien Notes Due 2030 | (20) | | | — | | | (38) | | | — | | | Net income (loss) available to Hertz Global common stockholders, diluted | $ | 94 | | | $ | 154 | | | $ | (232) | | | $ | (553) | | | Denominator: | | | | | | | | | Basic weighted-average common shares outstanding | 320 | | | 311 | | | 317 | | | 309 | | | Dilutive effect of stock options, RSUs and PSUs | 2 | | | 12 | | | — | | | — | | | | | | | | | | Dilutive effect of Exchangeable Notes Due 2029 | 44 | | | 41 | | | 43 | | | — | | Dilutive effect of Exchangeable Notes Due 2030 | 46 | | | — | | | — | | | — | | Dilutive effect of Exchangeable First Lien Notes Due 2030(2) | 63 | | | — | | | 36 | | | — | | | Diluted weighted-average common shares outstanding | 475 | | | 364 | | | 396 | | | 309 | | | Antidilutive: | | | | | | | | | Antidilutive Public Warrants | 89 | | | 83 | | | 89 | | | 83 | | | Antidilutive stock options, RSUs and PSUs | 27 | | | 5 | | | 20 | | | 17 | | Antidilutive shares related to Exchangeable Notes Due 2029 | — | | | — | | | — | | | 40 | | Antidilutive shares related to Exchangeable Notes Due 2030 | — | | | 1 | | | 46 | | | — | | | | | | | | | | | Total antidilutive | 116 | | | 88 | | | 155 | | | 140 | | | Earnings (loss) per common share: | | | | | | | | | Basic | $ | 0.36 | | | $ | 0.59 | | | $ | (0.48) | | | $ | (1.79) | | | Diluted | $ | 0.20 | | | $ | 0.42 | | | $ | (0.59) | | | $ | (1.79) | |
(1) This table is denoted in millions, excluding earnings (loss) per common share. Amounts are calculated from the underlying numbers in thousands and in full shares, and, as a result, may not agree to the amounts shown in the table when calculated in millions. (2) The Exchangeable First Lien Notes Due 2030 are subject to a limitation as to the number of shares of Hertz Global common stock that may be issued upon the exchange of the Exchangeable First Lien Notes Due 2030, unless and until the shareholders of Hertz Global approve the issuance, as further disclosed in Note 5, "Debt."
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