Net income (loss) per common share has been computed as per below, based upon weighted average common basic and dilutive shares outstanding. | | | | | | | | | | | | | | | | | | | Years Ended December 31, | | (Amounts in millions, except per share amounts) | 2025 | | 2024 | | 2023 | | Net income (loss) per share: | | | | | | | Numerator | | | | | | | Net income (loss) | $ | 1,591 | | | $ | 1,373 | | | $ | 2517 | | | Less: dividends declared-common shares and unvested common shares | (335) | | | (334) | | | (288) | | | Undistributed earnings | 1,256 | | | 1,039 | | | 2,229 | | Percentage allocated to common shareholders (1) | 98.8 | % | | 98.8 | % | | 98.8 | % | | 1,241 | | | 1,027 | | | 2,203 | | | Add: dividends declared-common shareholders | 331 | | | 331 | | | 285 | | | Numerator for basic and diluted earnings per common share | $ | 1,573 | | | $ | 1,358 | | | $ | 2,488 | | | | | | | | | Denominator | | | | | | | Denominator for basic earnings per weighted-average common shares | 41.6 | | | 42.7 | | | 41.3 | | | Effect of dilutive securities: | | | | | | | Options | — | | | — | | | — | | | Denominator for diluted earnings per adjusted weighted-average common shares | 41.6 | | | 42.7 | | | 41.3 | | | | | | | | | Per common share net income (loss) | | | | | | | Basic | $ | 37.80 | | | $ | 31.78 | | | $ | 60.19 | | | Diluted | $ | 37.80 | | | $ | 31.78 | | | $ | 60.19 | | | | | | | | (1) Basic weighted-average common shares outstanding | 41.6 | | | 42.7 | | | 41.3 | | | Basic weighted-average common shares outstanding and unvested common shares expected to vest | 42.1 | | | 43.2 | | | 41.8 | | | Percentage allocated to common shareholders | 98.8 | % | | 98.8 | % | | 98.8 | % |
(Some amounts may not reconcile due to rounding.)
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