Basic earnings per share are calculated using the weighted-average number of shares of Common Stock outstanding during the period. Diluted earnings per share calculations include any dilutive effect of potential common shares. In periods with a net loss available to common shareholders, diluted earnings per share are calculated using weighted-average basic shares for that period, as utilizing diluted shares would be anti-dilutive to loss per share.

A reconciliation of the amounts used to calculate basic and diluted loss per share for the three months ended March 31, 2026 and 2025 follows:


	Three Months Ended
	March 31,
(in millions)	2026			2025
Net loss	$	(16	)	$	(7	)
Less: Series B Preferred stock cash dividends		(1	)		(1	)
Less: Series C Preferred stock in-kind dividends		—			(2	)
Less: Preferred stock deemed dividends		(1	)		—
Less: Deemed dividend on preferred stock amendment		(2	)		—
Net loss available to common shareholders - basic	$	(20	)	$	(10	)


	Three Months Ended
	March 31,
(in millions of shares)	2026		2025
Weighted average shares — basic		97.5		80.6
Effect of dilutive securities
Unvested restricted stock units		—		—
Employee stock options		—		—
Series B Preferred Stock		—		—
Weighted average shares — diluted		97.5		80.6

As a result of the net loss available to common shareholders for the three months ended March 31, 2026, Kodak calculated diluted earnings per share using weighted-average basic shares outstanding. If Kodak had reported earnings available to common shareholders for the three months ended March 31, 2026, the calculation of diluted earnings per share would have included the assumed vesting of 1.8 million unvested restricted stock units, the assumed exercise of 0.7 million stock options and the assumed conversion of 0.3 million shares of 6.0% Series B Preferred Stock as permitted by the Beneficial Ownership Limitation.

As a result of the net loss available to common shareholders for the three months ended March 31, 2025, Kodak calculated diluted earnings per share using weighted-average basic shares outstanding. If Kodak had reported earnings available to common shareholders for the three months ended March 31, 2025, the calculation of diluted earnings per share would have included the assumed vesting of 1.8 million unvested restricted stock units, the assumed exercise of 1.6 million stock options and the assumed conversion of 1.0 million shares of 4.0% Series B Preferred Stock.

The computation of diluted earnings per share for the three months ended March 31, 2026 excluded the impact of (1) the assumed conversion of 0.3 million shares of 6.0% Series B Preferred Stock as permitted by the Beneficial Ownership Limitation and (2) the assumed exercise of 1.7 million outstanding employee stock options because the effects would have been anti-dilutive.

The computation of diluted earnings per share for the three months ended March 31, 2025 excluded the impact of (1) the assumed conversion of 1.0 million shares of 4.0% Series B Preferred Stock, (2) the assumed conversion of 1.2 million shares of Series C Preferred Stock and (3) the assumed exercise of 1.7 million outstanding employee stock options because the effects would have been anti-dilutive.