| Earnings (Loss) Per Common Share The following table summarizes the computation of basic and diluted earnings per common share for the periods presented (in millions, except per share data): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Earnings (loss) per common share—basic | | | | | | | | | Numerator: | | | | | | | | | Net income (loss) from continuing operations | $ | 75.8 | | | $ | 45.5 | | | $ | 150.7 | | | $ | 108.9 | | | Income (loss) from discontinued operations, net of tax | (0.6) | | | (25.2) | | | 17.6 | | | (86.5) | | | Net income (loss) | $ | 75.2 | | | $ | 20.3 | | | $ | 168.3 | | | $ | 22.4 | | | Denominator: | | | | | | | | | Weighted-average common shares outstanding | 179.7 | | | 183.8 | | | 181.7 | | | 183.6 | | | Basic earnings (loss) per common share: | | | | | | | | | Continuing operations | $ | 0.42 | | | $ | 0.25 | | | $ | 0.83 | | | $ | 0.59 | | | Discontinued operations | $ | — | | | $ | (0.14) | | | $ | 0.10 | | | $ | (0.47) | | | Net earnings (loss) per common share | $ | 0.42 | | | $ | 0.11 | | | $ | 0.93 | | | $ | 0.12 | | | Earnings (loss) per common share—diluted | | | | | | | | | Numerator: | | | | | | | | | Net income (loss) from continuing operations | $ | 75.8 | | | $ | 45.5 | | | $ | 150.7 | | | $ | 108.9 | | Add: Interest expense attributable to Convertible Notes, net of tax | 0.6 | | | 1.7 | | | 2.2 | | | 3.3 | | | Income (loss) from continuing operations and assumed conversions | 76.4 | | | 47.2 | | | 152.9 | | | 112.2 | | | Income (loss) from discontinued operations, net of tax | (0.6) | | | (25.2) | | | 17.6 | | | (86.5) | | Net income (loss) attributable to earnings per common share | $ | 75.8 | | | $ | 22.0 | | | $ | 170.5 | | | $ | 25.7 | | | Denominator: | | | | | | | | | Weighted-average common shares outstanding—basic | 179.7 | | | 183.8 | | | 181.7 | | | 183.6 | | | Incremental shares for assumed conversion of Convertible Notes | 5.0 | | | 14.7 | | | 9.8 | | | 14.7 | | | Outstanding options, restricted stock units and performance share units | 5.4 | | | 1.3 | | | 4.8 | | | 0.7 | | | Weighted-average common shares outstanding—diluted | 190.1 | | | 199.8 | | | 196.3 | | | 199.0 | | | Diluted earnings (loss) per common share: | | | | | | | | | Continuing operations | $ | 0.40 | | | $ | 0.24 | | | $ | 0.78 | | | $ | 0.56 | | | Discontinued operations | $ | — | | | $ | (0.12) | | | $ | 0.09 | | | $ | (0.42) | | | Net diluted earnings (loss) per common share | $ | 0.40 | | | $ | 0.11 | | | $ | 0.87 | | | $ | 0.13 | |
Anti-Dilutive Securities For the three and six months ended June 30, 2026, approximately 0.3 million and 0.4 million securities outstanding, respectively, comprised of stock options, were excluded from the calculation of diluted earnings per common share as they would be anti-dilutive. For the three and six months ended June 30, 2025, approximately 2.7 million and 3.0 million securities outstanding, respectively, comprised of stock options and restricted stock units were excluded from the calculation of diluted earnings per common share as they would be anti-dilutive.
|