EARNINGS PER SHARE
The following table presents the calculation of our basic and diluted EPS and the corresponding weighted average shares outstanding referenced in these calculations for the years ended December 31, 2025, 2024, and 2023.
Year Ended December 31,
($ and shares outstanding in millions, except per share amounts)202520242023
Basic EPS:
Numerator:
Net income attributable to stockholders$81 $47 $313 
Denominator:  
Weighted average shares outstanding89.9 101.9 110.1 
Basic EPS(1)
$0.90 $0.46 $2.84 
Diluted EPS:
Numerator:
Net income attributable to stockholders$81 $47 $313 
Denominator:
Weighted average shares outstanding91.5 103.1 111.6 
Diluted EPS(1)
$0.89 $0.45 $2.80 
Basic weighted average shares outstanding89.9 101.9 110.1 
RSUs(2), PSUs(3), Options(4) and ESPP
1.6 1.2 1.5 
Diluted weighted average shares outstanding91.5 103.1 111.6 
(1)Earnings per share amounts are calculated using whole numbers.
(2) Excludes approximately 3,000 shares of RSUs that would have been anti-dilutive to EPS under the treasury stock method for the year ended December 31, 2025. These RSUs could potentially dilute EPS in the future. There were no anti-dilutive RSU for the years ended December 31, 2024 and 2023.
(3) There were no anti-dilutive PSUs for the years ended December 31, 2025, 2024, and 2023.
(4) Excludes approximately 1,134,000, 1,140,000 and 818,000 shares of Options that would have been anti-dilutive to EPS for the years ended December 31, 2025, 2024, and 2023, under the treasury stock method. These Options could potentially dilute EPS in the future.
Share Repurchases
On August 8, 2024, we announced that our Board of Directors approved on August 7, 2024 a share repurchase program authorizing us to repurchase up to an aggregate of $500 million of our outstanding shares of common stock over a two-year period (the “2024 Repurchase Plan”). On July 31, 2025, we announced that our Board of Directors approved on July 29, 2025 a share repurchase program authorizing us to repurchase up to an aggregate of $600 million of our outstanding shares of common stock over a two-year period (the “2025 Repurchase Plan” and together with the 2024 Repurchase Plan, the “Repurchase Plans”), which is in addition to the 2024 Repurchase Plan.
The following table summarizes stock repurchase activity under the current and previous share repurchase programs as of December 31, 2025:
(in millions)SharesCost
As of December 31, 2024
41 $1,549 
Repurchases15 600 
As of December 31, 2025
56 $2,149 
From January 1, 2026 through February 19, 2026, we repurchased 1.9 million shares for $89 million. As of February 19, 2026, we had $339 million of remaining availability under the 2025 Repurchase Plan.

Historical Timeline

Fiscal YearFiled
2025Feb 26, 2026Showing above
2024Mar 3, 2025
2023Feb 29, 2024
2022Mar 1, 2023
2021Mar 1, 2022
2020Mar 1, 2021
2019Mar 2, 2020
2018Feb 28, 2019
2017Mar 1, 2018

About Earnings Per Share Disclosures

The earnings per share disclosure breaks down the calculation from net income to both basic and diluted EPS, revealing the full impact of a company's capital structure on per-share economics. The reconciliation between basic and diluted share counts exposes how many stock options, RSUs, convertible securities, and warrants are potentially dilutive to existing shareholders.

Key signals: a widening gap between basic and diluted shares indicates growing dilution from equity compensation or convertible instruments. Anti-dilutive securities excluded from the diluted calculation deserve attention — they represent latent dilution that will materialize if the stock price rises. Watch for the effect of share buybacks on per-share metrics: EPS growth driven primarily by repurchases rather than income growth signals weakening fundamentals. Compare year-over-year changes in the diluted share count against equity compensation expense to assess whether management is effectively managing dilution.