Earnings (Loss) Per Share

9 Months Ended

Sep. 30, 2024

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)	2024		2023		2024		2023
Basic Net Earnings (Loss) per Share:
Net Income (Loss)	$	123	$	(289)	$	438	$	(302)


Dividend - Preferred Stock	(2)		(2)		(7)		(7)
Adjusted Net Income (Loss) Available to Common Shareholders - Basic	$	121	$	(291)	$	431	$	(309)

Diluted Net Earnings (Loss) per Share:
Net Income (Loss)	$	123	$	(289)	$	438	$	(302)


Dividend - Preferred Stock	—		(2)		—		(7)
Adjusted Net Income (Loss) Available to Common Shareholders - Diluted	$	123	$	(291)	$	438	$	(309)

Weighted Average Common Shares Outstanding - Basic	161,684		217,348		189,107		217,992
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	171,154		217,348		196,973		217,992

Net Earnings (Loss) per Share:
Basic	$	0.75	$	(1.34)	$	2.28	$	(1.42)
Diluted	$	0.72	$	(1.34)	$	2.22	$	(1.42)

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	10,288		12,297		10,329		12,297

Convertible preferred stock	—		5,393		—		5,393
Total Anti-Dilutive and Contingently Issuable Securities	10,288		17,690		10,329		17,690