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 months ended March 31, 2026, and 2025, 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 March 31,
	2026		2025
	(In millions, except per share amounts, shares in thousands)
Net income (loss) attributable to the period	$	97	$	75
Less: distributed and undistributed earnings allocated to participating securities(1)	—		—
Net income (loss) attributable to common stockholders	$	97	$	75
Weighted average common shares outstanding:
Basic weighted average common shares outstanding	181,304		120,926
Effect of dilutive securities:
Potential common shares issuable(2)	115		104
Diluted weighted average common shares outstanding	181,419		121,030
Net income (loss) per common share, basic	$	0.54	$	0.62
Net income (loss) per common share, diluted	$	0.53	$	0.62

(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 three months ended March 31, 2026, and 2025, there were no other significant potential common shares excluded from the computation of diluted earnings per common share.