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Earnings Per Common Share

9 Months Ended

Sep. 30, 2025

Earnings Per Common Share

Earnings Per Common Share

21. Earnings Per Common Share

The computations of the basic and diluted per share amounts were as follows:


		For the three months ended						For the nine months ended
		September 30,						September 30,
		2025			2024			2025			2024

		(in millions, except per share data)
Net income (loss)		$	233.9		$	(193.4)		$	730.3		$	695.4
Subtract:
Net income attributable to noncontrolling interest			20.1			26.6			62.2			29.8
Total		$	213.8		$	(220.0)		$	668.1		$	665.6
Weighted-average shares outstanding:
Basic			222.4			230.7			224.1			233.5
Dilutive effects:
Stock options			0.6			—			0.6			0.8
Restricted stock units			1.9			—			1.8			2.0
Performance share awards			0.3			—			0.3			0.3
Diluted			225.2			230.7			226.8			236.6
Net income (loss) per common share:
Basic		$	0.96		$	(0.95)		$	2.98		$	2.85
Diluted		$	0.95		$	(0.95)		$	2.95		$	2.81

The calculation of diluted earnings per share for the three and nine months ended September 30, 2025 and 2024, excludes the incremental effect related to certain outstanding stock-based compensation grants due to their anti-dilutive effect. When a net loss is reported, our basic weighted-average shares are used to calculate diluted earnings per share, as dilutive shares would have an antidilutive effect and result in a lower loss per share.