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EARNINGS PER SHARE | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
EARNINGS PER SHARE | EARNINGS PER SHARE Basic and diluted earnings per share (EPS) were calculated using the treasury stock method for the three and six months ended June 30, 2024 and 2023. Our restricted stock unit (RSU) and performance stock unit (PSU) awards are not considered participating securities since the dividend rights on unvested shares are forfeitable. For basic EPS, the weighted-average number of common shares outstanding excludes shares underlying our equity-settled awards and warrants. For diluted EPS, the basic shares outstanding are adjusted by adding potential common shares, if dilutive. The following table presents the calculation of basic and diluted EPS, for the three and six months ended June 30, 2024 and 2023:
| Three months ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions, except per-share amounts)
Numerator for Basic and Diluted EPS |  |  |  |  |  |  |
Net income (loss) | $ | 8 |  |  | $ | 97 |  |  | $ | (2) |  |  | $ | 398 |
Denominator for Basic EPS |  |  |  |  |  |  |
Weighted-average shares | 68.1 |  |  | 69.7 |  |  | 68.6 |  |  | 70.5 |
Potential common shares, if dilutive: |  |  |  |  |  |  |
Warrants | 1.2 |  |  | 0.5 |  |  | — |  |  | 0.5 |
Restricted stock units | 0.4 |  |  | 0.9 |  |  | — |  |  | 0.9 |
Performance stock units | 0.3 |  |  | 0.8 |  |  | — |  |  | 0.8 |
Denominator for Diluted EPS |  |  |  |  |  |  |
Weighted-average shares | 70.0 |  |  | 71.9 |  |  | 68.6 |  |  | 72.7 |
EPS |  |  |  |  |  |  |
Basic | $ | 0.12 |  |  | $ | 1.39 |  |  | $ | (0.03) |  |  | $ | 5.65 |
Diluted | $ | 0.11 |  |  | $ | 1.35 |  |  | $ | (0.03) |  |  | $ | 5.47 |
The following table presents potentially dilutive weighted-average common shares which were excluded from the denominator for diluted EPS in periods of losses:
| Three months ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions) |  |  |  |
Shares issuable upon exercise of warrants | — |  |  | — |  |  | 4.2 |  |  | — |
Shares issuable upon settlement of RSUs | — |  |  | — |  |  | 0.8 |  |  | — |
Shares issuable upon settlement of PSUs | — |  |  | — |  |  | 1.0 |  |  | — |
Total antidilutive shares | — |  |  | — |  |  | 6.0 |  |  | — |

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