Basic EPS is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding. As such, the Company includes share-based compensation awards and convertible debt in its potentially dilutive securities. Generally, dilutive securities are not included in the computation of loss per share when a company reports a net loss from continuing operations as the impact would be anti-dilutive.

For all but performance units, the potentially dilutive impact of the Company’s share-based compensation awards is determined using the treasury stock method. Under the treasury stock method, awards are treated as if they had been exercised with any proceeds used to repurchase common stock at the average market price during the period. Any incremental difference between the assumed number of shares issued and purchased is included in the diluted share computation. For performance units, their contingent features result in an assessment for any potentially dilutive common stock by using the end of the reporting period as if it were the end of the contingency period for all units granted.

A conversion of the Company’s convertible debt could result in payment in Peabody’s common stock. For diluted EPS purposes, the potentially dilutive common stock is assumed to have been converted at the beginning of the period (or at the time of issuance, if later), and the resulting common shares are included for the period that they were outstanding. In periods where the potentially dilutive common stock is included in the computation of diluted EPS, the numerator will be adjusted to add back tax adjusted interest expense, which includes the amortization of debt issuance costs, related to the convertible debt.

On September 16, 2026, the Company announced that it would redeem all the outstanding 2028 Convertible Notes for cash. As of the date of the redemption notice, the remaining 2028 Convertible Notes ceased to be treated as convertible securities for the computation of diluted EPS. For the three and nine months ended September 30, 2026, the computation of diluted EPS excluded 10.0 million and 13.7 million shares, respectively, related to the 2028 Convertible Notes and the 2031 Convertible Notes combined, because their inclusion would have been anti-dilutive for those periods. The 2031 Convertible Notes were not outstanding during the three and nine months ended September 30, 2025; accordingly, for those periods, the computation of diluted EPS excluded 16.6 million and 16.5 million shares, respectively, related only to the 2028 Convertible Notes, because their inclusion would have been anti-dilutive for those periods.

The computation of diluted EPS also excluded aggregate share-based compensation awards of 1.0 million and 0.8 million shares for the three months ended September 30, 2026 and 2025, respectively, and 1.2 million and 1.0 million for the nine months ended September 30, 2026 and 2025, respectively, because to do so would have been anti-dilutive for those periods. Because the potential dilutive impact of such share-based compensation awards is calculated under the treasury stock method, anti-dilution generally occurs when the exercise prices or unrecognized compensation cost per share of such awards are higher than the Company’s average stock price during the applicable period. Anti-dilution also occurs when a company reports a net loss from continuing operations, and the dilutive impact of all share-based compensation awards are excluded accordingly.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
	(In millions, except per share data)
Basic and Diluted EPS numerator:
Loss from continuing operations, net of income taxes	$	(28.7)	$	(66.6)	$	(140.0)	$	(53.9)
Less: Net income attributable to noncontrolling interests	3.9		3.2		15.1		8.4
Loss from continuing operations attributable to common stockholders	(32.6)		(69.8)		(155.1)		(62.3)


Loss from discontinued operations, net of income taxes	(0.2)		(0.3)		(0.7)		(1.0)


Net loss attributable to common stockholders	$	(32.8)	$	(70.1)	$	(155.8)	$	(63.3)









EPS denominator:
Weighted average shares outstanding — basic and diluted	122.1		121.7		122.0		121.7




Basic and Diluted EPS attributable to common stockholders:
Loss from continuing operations	$	(0.27)	$	(0.57)	$	(1.27)	$	(0.51)
Loss from discontinued operations	—		(0.01)		(0.01)		(0.01)
Net loss attributable to common stockholders	$	(0.27)	$	(0.58)	$	(1.28)	$	(0.52)