The net income (loss) per common share on the condensed consolidated statements of operations is based on the net income (loss) attributable to the Company’s Class A Common Stock for the three and nine months ended September 30, 2025, and 2024, respectively.

Basic and diluted earnings per common share are calculated using the two-class method. The two-class method is an earnings allocation proportional to the respective ownership among holders of Class A Common Stock and participating securities. Basic net income (loss) per common share is calculated by dividing net income (loss) by the weighted-average shares of Class A Common Stock outstanding during the period. Diluted net income (loss) per common share gives effect, when applicable, to unvested restricted stock units and performance restricted stock units granted under the LTIP.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(In millions, except per share amounts, shares in thousands)
Net income (loss) attributable to the period	$	(77)	$	49	$	35	$	149
Less: distributed and undistributed earnings allocated to participating securities(1)	1		—		1		—
Net income (loss) attributable to common stockholders	$	(78)	$	49	$	34	$	149
Weighted average common shares outstanding:
Basic weighted average common shares outstanding	148,882		93,695		133,741		90,895
Effect of dilutive securities:
Potential common shares issuable(2)	49		52		127		94
Diluted weighted average common shares outstanding	148,931		93,747		133,868		90,989
Net income (loss) per common share, basic	$	(0.52)	$	0.52	$	0.25	$	1.64
Net income (loss) per common share, diluted	$	(0.52)	$	0.52	$	0.25	$	1.64

(1) Unvested restricted stock units and performance restricted stock units that contain non-forfeitable distribution equivalent rights are considered participating securities and are therefore included in the earnings per share calculation pursuant to the two-class method.

(2) For the three and nine months ended September 30, 2025, and 2024, there were no other significant potential common shares excluded from the computation of diluted earnings per common share.