Earnings per Share

3 Months Ended

Mar. 31, 2026

Note 10 - Earnings Per Share

Basic net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the basic weighted-average number of common shares outstanding for the respective period. Diluted net income or loss per common share is calculated by dividing net income or loss available to common stockholders by the diluted weighted-average number of common shares outstanding, which includes the effect of potentially dilutive securities. Potentially dilutive securities for this calculation consist primarily of non-vested restricted stock units (“RSU” or “RSUs”) and contingent performance share units (“PSU” or “PSUs”), which were measured using the treasury stock method. Refer to Note 12 - Stock-Based Compensation in this report and Note 9 - Earnings Per Share and Note 10 - Stock-Based Compensation in the 2025 Form 10-K for additional detail on these potentially dilutive securities.

When the Company recognizes a net loss from continuing operations, all potentially dilutive shares are anti-dilutive and are consequently excluded from the calculation of diluted net loss per common share. The following table details the weighted-average number of anti-dilutive securities for the periods presented:


	For the Three Months Ended March 31,
		2026	2025

		(in millions)
Anti-dilutive (1)		1	—

____________________________________________

(1) Amount includes Civitas equity awards converted to RSUs of the Company that were outstanding during a portion of the three months ended March 31, 2026.

The following table sets forth the calculations of basic and diluted net income (loss) per common share:


	For the Three Months Ended March 31,
		2026		2025

		(in millions, except per share data)
Net income (loss)		$	(335)	$	182

Basic weighted-average common shares outstanding (1)		199		115
Dilutive effect of non-vested RSUs, contingent PSUs, and other		—		—
Diluted weighted-average common shares outstanding		199		115

Basic net income (loss) per common share		$	(1.68)	$	1.59
Diluted net income (loss) per common share		$	(1.68)	$	1.59

____________________________________________

(1) Amount includes shares issued in connection with the Civitas Merger that were outstanding during a portion of the three months ended March 31, 2026