Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2025

Basic earnings per share are computed based on the weighted average number of common shares outstanding. Diluted earnings per share are computed based on the weighted average number of common and dilutive potential common shares outstanding using the treasury stock method. The table shows calculations for basic and diluted earnings per share:


(In millions, except per share data)	Three months ended March 31,
		2025		2024
Numerator:
Net income (loss)—basic and diluted		$	(90)	$	755
Denominator:
Basic weighted-average common shares outstanding		156.4		156.8
Effect of share-based awards:
Stock options		—		0.7
Nonvested shares		—		0.4
Diluted weighted-average shares		156.4		157.9
Earnings (loss) per share:
Basic		$	(0.57)	$	4.82
Diluted		$	(0.57)	$	4.78
Number of anti-dilutive share-based awards		1.7		1.3

The source of dilution of our common shares are certain equity-based awards. See our 2024 Annual Report on Form 10-K, Item 8, Note 17, Share-Based Associate Compensation Plans, Page 173, for information about share-based awards. The above table shows the number of anti-dilutive share-based awards for the three months ended March 31, 2025 and 2024. In accordance with Accounting Standards Codification 260, Earnings per Share, the assumed exercise of share-based awards was excluded from the computation of diluted loss per share for the three months ended March 31, 2025, because their exercise would have anti-dilutive effects.