The net income (loss) per common share on the consolidated statements of operations is based on the net income (loss) attributable to the Company’s Class A Common Stock for the years ended December 31, 2025, 2024 and 2023.

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.


	Year Ended December 31,
	2025		2024		2023
	(In millions, except per share amounts, shares in thousands)
Net income (loss) attributable to the period	$	(68)	$	359	$	200
Less: net income (loss) allocated to participating securities(1)	1		—		—
Net income (loss) attributable to common stockholders	$	(69)	$	359	$	200
Weighted average common shares outstanding:
Basic weighted average common shares outstanding	142,530		93,932		74,176
Effect of dilutive securities:
Potential common shares issuable(2)	—		—		—
Diluted weighted average common shares outstanding	142,530		93,932		74,176
Net income (loss) per common share, basic	$	(0.48)	$	3.82	$	2.69
Net income (loss) per common share, diluted	$	(0.48)	$	3.82	$	2.69

(1)Unvested restricted stock units and performance restricted stock units that contain non-forfeitable dividend 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 year ended December 31, 2025, 110,342 potential common shares were excluded from the computation of diluted earnings per common share because their inclusion would have been anti-dilutive as a result of recording a net loss attributable to the common shareholders for the period. For the years ended December 31, 2024 and 2023 no significant potential common shares were excluded from the computation of diluted earnings per common share.