Basic and diluted earnings per share are calculated by dividing net income attributable to WTW by the average number of ordinary shares outstanding during each period. The computation of diluted earnings per share reflects the potential dilution that could occur if dilutive securities and other contracts to issue shares were exercised or converted into shares or resulted in the issuance of shares that then shared in the net income of the Company.

At March 31, 2026 and 2025, there were approximately 834,000 and 685,000 restricted performance-based stock units outstanding, respectively, and approximately 477,000 and 270,000 restricted time-based stock units outstanding, respectively. In addition, at March 31, 2026, there were approximately 225,000 restricted stock awards outstanding. The Company had no time-based share options or performance-based share options outstanding at March 31, 2026 and 2025.

Basic and diluted earnings per share are as follows:


	Three Months Ended March 31,
	2026			2025
Net income attributable to WTW	$	297		$	235

Basic average number of shares outstanding		95			100
Dilutive effect of potentially issuable shares		1			1
Diluted average number of shares outstanding		96			101

Basic earnings per share	$	3.12		$	2.34
Dilutive effect of potentially issuable shares		(0.02	)		(0.01	)
Diluted earnings per share	$	3.10		$	2.33

There were no anti-dilutive restricted stock units or anti-dilutive options for the three months ended March 31, 2026 and 2025.