EARNINGS (LOSS) PER SHARE (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Computation Earnings (Loss) Per Common Share Using Two Class Method

The following table sets forth the computation of earnings per common share using the two-class method. The dilutive effect of outstanding Series A Preferred Stock, Series B Preferred Stock, the Series A Preferred Stock dividend, and the Series B Preferred Stock dividend is reflected in diluted EPS using the if-converted method and options, RSUs, PSUs and MSUs are reflected using the treasury stock method. For periods of net loss, basic and diluted EPS are the same, as the assumed exercise of Series A Preferred Stock, Series B Preferred Stock, RSUs, PSUs, MSUs, and stock options are anti-dilutive. (Amounts in millions, except share and per share amounts.)


	Year Ended December 31,
	2025		2024		2023
Basic and diluted loss per common share:
Net income	$	302	$	250	$	153
Less stock dividend attributable to Series A Preferred Stock	(590)		(95)		(270)
Less stock dividend attributable to Series B Preferred Stock	—		(7)		(44)
Less stock conversion of Series B Preferred Stock	—		(372)		—
Net loss attributable to common shareholders	$	(288)	$	(224)	$	(161)

Weighted-average shares outstanding - basic and diluted(1)	415,709,895		401,513,646		352,705,274
Loss per common share - basic and diluted	$	(0.69)	$	(0.56)	$	(0.46)

(1)The following items were excluded from the calculation of diluted shares as their inclusion would be anti-dilutive:

a.For each of the years ended December 31, 2025, 2024, and 2023, 4,000,000 shares of Series A Preferred Stock, which are convertible to 6,000,000 common shares.

b.For the year ended December 31, 2023, 800,000 shares of Series B Preferred Stock which were convertible to 48,780,000 shares of common stock.

c.For the year ended December 31, 2023, 187,500 stock options to purchase the same number of common shares.

d.For the years ended December 31, 2025, 2024, and 2023, 15,212,810, 3,815,493, and 11,916,156 common share equivalents, respectively, which represent the dividend that the Series A Preferred Stock holders are entitled to receive. (See additional description in Note 19 – "Shareholders' Equity and Redeemable Convertible Preferred Stock.")

e.For the years ended December 31, 2025, 2024, and 2023, 1,389,471 RSUs and 2,029,988 PSUs; 1,361,018 RSUs, 1,758,312 PSUs, and 512,489 MSUs; and 1,356,516 RSUs, 2,478,030 PSUs, and 620,042 MSUs, respectively.