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Earnings (Loss) Per Share | 9 Months Ended
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Sep. 30, 2025
Earnings Per Share [Abstract] |
Earnings (Loss) Per Share | Earnings (Loss) per Share The Company did not declare any common stock dividends in the periods presented. The following table sets forth the computation of basic and diluted earnings (loss) per share of common stock:
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(in millions, except per share data in whole dollars and shares in thousands) |  | 2025 |  | 2024 |  | 2025 |  | 2024
Basic Net Earnings (Loss) per Share: |  |  |  |  |  |  |  |
Net Income (Loss) |  | $ | (46) |  |  | $ | 123 |  |  | $ | (137) |  |  | $ | 438 |
Dividend - Preferred Stock |  | (2) |  |  | (2) |  |  | (7) |  |  | (7) |
Adjusted Net Income (Loss) Available to Common Shareholders - Basic |  | $ | (48) |  |  | $ | 121 |  |  | $ | (144) |  |  | $ | 431 |
Diluted Net Earnings (Loss) per Share: |  |  |  |  |  |  |  |
Net Income (Loss) |  | $ | (46) |  |  | $ | 123 |  |  | $ | (137) |  |  | $ | 438 |
Dividend - Preferred Stock |  | (2) |  |  | — |  |  | (7) |  |  | — |
Adjusted Net Income (Loss) Available to Common Shareholders - Diluted |  | $ | (48) |  |  | $ | 123 |  |  | $ | (144) |  |  | $ | 438 |
Weighted Average Common Shares Outstanding - Basic |  | 157,004 |  |  | 161,684 |  |  | 159,899 |  |  | 189,107 |
Common Shares Issuable With Respect To: |  |  |  |  |  |  |  |
Restricted Stock and Performance Units / Shares |  | — |  |  | 4,077 |  |  | — |  |  | 2,473 |
8% Convertible Preferred Stock |  | — |  |  | 5,393 |  |  | — |  |  | 5,393 |
Weighted Average Common Shares Outstanding - Diluted |  | 157,004 |  |  | 171,154 |  |  | 159,899 |  |  | 196,973 |
Net Earnings (Loss) per Share: |  |  |  |  |  |  |  |
Basic |  | $ | (0.30) |  |  | $ | 0.75 |  |  | $ | (0.90) |  |  | $ | 2.28 |
Diluted |  | $ | (0.30) |  |  | $ | 0.72 |  |  | $ | (0.90) |  |  | $ | 2.22 |
The following securities were not included in the computation of diluted earnings per share as they were either contingently issuable shares or shares that if included would have been anti-dilutive (shares in thousands):
Restricted stock and performance shares/units |  | 17,271 |  |  | 10,288 |  |  | 17,287 |  |  | 10,329 |
Convertible preferred stock |  | 5,393 |  |  | — |  |  | 5,393 |  |  | — |
Total Anti-Dilutive and Contingently Issuable Securities |  | 22,664 |  |  | 10,288 |  |  | 22,680 |  |  | 10,329 |

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