Three Months Ended

March 31,

(in millions)

2023

2022

Net earnings (loss)

$

33

$

(3

)

Less: Series B Preferred stock cash dividends

(1

)

(1

)

Less: Preferred stock deemed dividends

(1

)

(1

)

Less: Earnings attributable to Series C Preferred shareholders

(4

)

—

Net earnings (loss) available to common shareholders - basic

$

26

$

(6

)

Effect of dilutive securities:

Add back: Series B preferred stock cash and deemed dividends

$

1

$

—

Add back: 2021 Convertible Notes interest expense

1

—

Net earnings (loss) available to common shareholders - diluted

$

28

$

(6

)