Earnings (Loss) per Share

6 Months Ended

Jun. 30, 2024

Basic and diluted earnings (loss) per share are computed pursuant to the two-class method. Under the two-class method, the Company attributes net income to common stock and other participating rights (including those with vested share-based awards). Basic earnings per share is calculated by taking net income, less earnings allocated to participating rights, divided by the basic weighted-average common stock outstanding. In accordance with the two-class method, diluted earnings per share is calculated using the more dilutive impact of the treasury-stock method or from reducing net income for the earnings allocated to participating rights.

The following table sets forth the computation of earnings (loss) per share on a basic and diluted basis pursuant to the two-class method for the periods indicated (in millions, except for share and per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic:
Net income (loss)	$	31	$	71	$	5	$	58
Less: net income attributable to participating rights	—		(2)		—		(2)
Net income (loss) attributable to common stockholders	$	31	$	69	$	5	$	56
Weighted-average common shares outstanding, basic	224,214,030		219,402,647		223,822,565		218,792,850
Earnings (loss) per share, basic	$	0.14	$	0.32	$	0.02	$	0.26
Diluted:
Net income (loss)	$	31	$	71	$	5	$	58
Less: net income attributable to participating rights	—		(2)		—		(2)
Net income (loss) attributable to common stockholders	$	31	$	69	$	5	$	56
Weighted-average common shares outstanding, basic	224,214,030		219,402,647		223,822,565		218,792,850
Effect of dilutive potential common shares	2,389,768		1,023,012		2,380,811		1,430,423
Weighted-average common shares outstanding, diluted	226,603,798		220,425,659		226,203,376		220,223,273
Earnings (loss) per share, diluted	$	0.14	$	0.31	$	0.02	$	0.26

Approximately 5,007,745 and 5,154,621 shares were excluded from the computation of diluted weighted-average shares for the three and six months ended June 30, 2024, respectively, due to anti-dilutive effects. Approximately 2,886,151 and 2,264,024 shares were excluded from the computation of diluted weighted-average shares for the three and six months ended 2023, respectively, due to anti-dilutive effects.