Earnings (Loss) per Common Share

6 Months Ended

Jun. 30, 2025

8. Earnings (Loss) per Common Share

Basic earnings (loss) per common share (EPS) are calculated using the weighted average number of shares of common stock outstanding during each period. A reconciliation of the numerators and denominators of the basic and diluted EPS calculations on a GAAP basis follows.


	Three Months Ended June 30,				Six Months Ended June 30,
(In millions, except per share data)	2025		2024		2025		2024
Numerator:
Net income (loss)	$	14	$	36	$	11	$	109
Denominator:
Weighted average shares used to compute basic EPS		100		111		101		112
Effect of dilutive securities:
Dilutive effect of restricted stock, restricted stock units, performance stock units, and Employee Stock Purchase Plan (ESPP)(1)		1		1		1		1
Dilutive potential common shares(2)		1		1		1		1
Weighted average shares used to compute diluted EPS		101		112		102		113
Basic earnings (loss) per common share	$	.14	$	.32	$	.11	$	.98
Diluted earnings (loss) per common share	$	.13	$	.32	$	.11	$	.97

(1)

Includes the potential dilutive effect of additional common shares that are issuable upon the vesting of restricted stock, restricted stock units and performance stock units and the outstanding commitment to issue shares under applicable ESPPs, determined by the treasury stock method.

(2)

For the three months ended March 31, 2025 and 2024, approximately 0 million and 0 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive. For the six months ended June 30, 2025 and 2024, securities covering approximately 0 million and 0 million shares, respectively, were outstanding but not included in the computation of diluted earnings per share because they were anti-dilutive