Earnings Per Share

3 Months Ended

Mar. 31, 2026

Note 5 Earnings Per Share

Basic earnings (loss) per share attributable to TDS common shareholders is computed by dividing Net income (loss) attributable to TDS common shareholders by the weighted average number of Common Shares outstanding during the period. Diluted earnings (loss) per share attributable to TDS common shareholders is computed by dividing Net income (loss) attributable to TDS common shareholders by the weighted average number of Common Shares outstanding during the period adjusted to include the effects of potentially dilutive securities. Potentially dilutive securities primarily include incremental shares issuable upon the exercise of outstanding stock options and the vesting of performance and restricted stock units, as calculated using the treasury stock method.

The amounts used in computing basic and diluted earnings (loss) per share attributable to TDS common shareholders were as follows:


	Three Months Ended March 31,
	2026		2025
(Dollars and shares in thousands, except per share amounts)
Net income (loss) from continuing operations attributable to TDS common shareholders	$	129,308	$	(23,237)
Net income (loss) from discontinued operations attributable to TDS common shareholders	(2,020)		13,401
Net income (loss) attributable to TDS common shareholders used in basic earnings (loss) per share	127,288		(9,836)
Adjustments to compute diluted earnings (loss):
Noncontrolling interest adjustment	(123)		(134)
Net income (loss) attributable to TDS common shareholders used in diluted earnings (loss) per share	$	127,165	$	(9,970)

Weighted average number of shares used in basic earnings (loss) per share:
Common Shares	106,341		107,048
Series A Common Shares	7,541		7,534
Total	113,882		114,582

Effects of dilutive securities	2,769		—
Weighted average number of shares used in diluted earnings (loss) per share	116,651		114,582

Basic earnings (loss) per share from continuing operations attributable to TDS common shareholders	$	1.14	$	(0.20)
Basic earnings (loss) per share from discontinued operations attributable to TDS common shareholders	(0.02)		0.11
Basic earnings (loss) per share attributable to TDS common shareholders	$	1.12	$	(0.09)

Diluted earnings (loss) per share from continuing operations attributable to TDS common shareholders	$	1.11	$	(0.20)
Diluted earnings (loss) per share from discontinued operations attributable to TDS common shareholders	(0.02)		0.11
Diluted earnings (loss) per share attributable to TDS common shareholders	$	1.09	$	(0.09)

Certain Common Shares issuable upon the exercise of stock options or vesting of performance and restricted stock units were not included in weighted average diluted shares outstanding for the calculation of Diluted earnings (loss) per share attributable to TDS common shareholders because their effects were antidilutive. The number of such Common Shares excluded was less than 0.1 million and 4.2 million for the three months ended March 31, 2026 and 2025, respectively.