Below is a reconciliation of the weighted average number of shares of common stock outstanding used in calculating Diluted EPS for the periods presented:
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Three months ended June 30, |
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Six months ended June 30, |
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2025 |
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2024 |
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2025 |
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2024 |
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(shares in thousands and $ in millions, except per share amounts) |
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Numerator: |
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Net income (loss) used to compute Basic EPS |
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$ |
36 |
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$ |
24 |
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$ |
25 |
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$ |
(35 |
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Interest expense on 2026 Senior Notes, net of tax (1) |
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— |
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— |
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1 |
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— |
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Net income (loss) used to compute Diluted EPS |
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$ |
36 |
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$ |
24 |
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$ |
26 |
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$ |
(35 |
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Denominator: |
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Weighted average shares used to compute Basic EPS |
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124,948 |
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139,234 |
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132,959 |
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138,836 |
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Weighted average effect of dilutive securities: |
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Stock-based awards (Note 9) |
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620 |
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1,310 |
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1,030 |
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— |
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2026 Senior Notes (Note 6) |
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4,674 |
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4,674 |
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4,674 |
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— |
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Weighted average shares used to compute Diluted EPS |
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130,242 |
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145,218 |
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138,663 |
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138,836 |
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Basic EPS |
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$ |
0.29 |
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$ |
0.17 |
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$ |
0.19 |
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$ |
(0.25 |
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Diluted EPS |
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$ |
0.28 |
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$ |
0.17 |
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$ |
0.19 |
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$ |
(0.25 |
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(1)Interest expense, net of taxes, related to the 2026 Senior Notes which was included in the Diluted EPS calculation for both the three months ended June 30, 2025 and 2024 was not material.
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