Earnings (Loss) per Share

12 Months Ended

Dec. 31, 2025

Basic and diluted earnings (loss) per share are computed pursuant to the two-class method. Under the two-class method, the Company attributes net income to common stock and other participating rights (including those with vested share-based awards). Basic earnings per share is calculated by taking net income, less earnings allocated to participating rights, divided by the basic weighted-average common stock outstanding. Loss per share is calculated by taking net loss divided by basic weighted-average common stock outstanding as participating rights do not share in losses. In accordance with the two-class method, diluted earnings per share is calculated using the more dilutive impact of the treasury-stock method or from reducing net income for the earnings allocated to participating rights.

The following table sets forth the computation of earnings (loss) per share on a basic and diluted basis pursuant to the two-class method for the periods indicated (in millions, except for share and per share data):


	Year Ended December 31,
	2025		2024		2023
Basic:
Net income (loss)	$	(137)	$	85	$	(11)
Less: net income attributable to participating rights	—		(1)		—
Net income (loss) attributable to common stockholders	$	(137)	$	84	$	(11)
Weighted-average common shares outstanding, basic	227,773,074		224,333,034		220,097,989
Earnings (loss) per share, basic	$	(0.60)	$	0.37	$	(0.05)
Diluted:
Net income (loss)	$	(137)	$	85	$	(11)
Less: net income attributable to participating rights	—		(1)		—
Net income (loss) attributable to common stockholders	$	(137)	$	84	$	(11)
Weighted-average common shares outstanding, basic	227,773,074		224,333,034		220,097,989
Effect of dilutive potential common shares	—		2,159,100		—
Weighted-average common shares outstanding, diluted	227,773,074		226,492,134		220,097,989
Earnings (loss) per share, diluted	$	(0.60)	$	0.37	$	(0.05)

Due to the net loss for the years ended December 31, 2025 and 2023, diluted weighted-average shares outstanding are equal to basic weighted-average shares outstanding because the effect of all equity awards is anti-dilutive. Approximately 5,062,050 shares were excluded from the computation of diluted weighted-average shares for the year ended December 31, 2024, due to anti-dilutive effects.