NET EARNINGS (LOSS) PER COMMON SHARE

3 Months Ended

Sep. 30, 2025

Net earnings (loss) per common share (“basic EPS”) is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding and shares underlying PSUs and RSUs where the vesting conditions have been met. Net earnings (loss) per common share assuming dilution (“diluted EPS”) is computed by reflecting potential dilution from stock-based awards using the treasury stock method. For the three months ended September 30, 2024, the effects of potentially dilutive stock options, PSUs and RSUs were excluded from the computation of diluted EPS as they were anti-dilutive due to the net loss incurred during the period.

A reconciliation between the numerator and denominator of the basic and diluted EPS computations is as follows:


	Three Months Ended September 30,
(In millions, except per share data)		2025		2024
Numerator:
Net earnings (loss)		$	47	$	(156)

Denominator:
Weighted average common shares outstanding – Basic		361.2		359.6
Effect of dilutive stock options		—		—
Effect of PSUs		—		—
Effect of RSUs		2.1		—
Weighted average common shares outstanding – Diluted		363.3		359.6

Net earnings (loss) per common share:
Basic		$	.13	$	(.43)
Diluted		$	.13	$	(.43)

The shares of Class A Common Stock underlying stock options, RSUs and PSUs that were excluded in the computation of diluted EPS because their inclusion would be anti-dilutive were as follows:


	Three Months Ended September 30,
(In millions)		2025	2024
Stock options		8.5	7.6
RSUs and PSUs		0.7	1.2

As of September 30, 2025 and 2024, 0.5 million and 0.6 million shares, respectively, of Class A Common Stock underlying PSUs have been excluded from the computation of diluted EPS as the number of shares ultimately issued is contingent on the achievement of applicable performance targets of the Company, as discussed in Note 19 – Stock Programs in the Company's Annual Report on Form 10-K for the fiscal year ended June 30, 2025.