Earnings Per Share (Notes)

9 Months Ended

Sep. 30, 2024

Earnings Per Share [Abstract]

Net Income per Share

7. Earnings Per Share

Basic EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted EPS is computed by dividing net income by the weighted average number of common shares outstanding during the period, plus the dilutive effect of time-vested and performance-based restricted stock units (“RSUs”).

The following table summarizes the net income and the basic and diluted shares used in the earnings per share computations:

	Three Months Ended  September 30,				Nine Months Ended  September 30,
(in millions)	2024		2023		2024		2023
Net income	$	3	$	45	$	100	$	152
Weighted average common shares outstanding	38		38		38		38
Incremental shares from assumed time-vested and performance-based RSU awards	—		—		—		—
Adjusted weighted average common shares outstanding	38		38		38		38

An insignificant number of shares of time-vested and performance-based RSU awards were excluded from the calculation of diluted earnings per share due to anti-dilution during each of the three and nine month periods ended September 30, 2024 and 2023, respectively.