Earnings (Loss) Per Share (Tables)

9 Months Ended

Sep. 30, 2025

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