EARNINGS PER SHARE
For the year ended December 31,
(in millions, except per share data)
 202520242023
Income (loss) from continuing operations
$221 $335 $517 
Gain (loss) on disposition of discontinued operations – net of tax— — 
Net income (loss)$221 $335 $518 
Basic shares:
Weighted average shares outstanding65.8 67.0 67.5 
Earnings (loss) per share – basic:
Income (loss) from continuing operations$3.36 $5.00 $7.65 
Gain (loss) on disposition of discontinued operations – net of tax— — 0.02 
Net income (loss)$3.36 $5.00 $7.67 
Diluted shares:
Weighted average shares outstanding – basic65.8 67.0 67.5 
Effect of dilutive securities:
Restricted stock
0.5 0.6 0.8 
Diluted weighted average shares outstanding66.3 67.6 68.3 
Earnings (loss) per share – diluted:
Income (loss) from continuing operations$3.33 $4.96 $7.56 
Gain (loss) on disposition of discontinued operations – net of tax— — 0.02 
Net income (loss)$3.33 $4.96 $7.58 

Non-vested restricted stock awards and restricted stock units (“Restricted Stock”) granted by the Company are treated as potential common shares outstanding in computing diluted earnings per share using the treasury stock method. Weighted average Restricted Stock of approximately 0.1 million were outstanding during the year ended December 31, 2025 and 2024, respectively, but were not included in the computation of diluted shares as the effect would be anti-dilutive or performance targets were not expected to be achieved for awards contingent upon performance. There were no weighted average Restricted Stock outstanding during the year ended December 31, 2023 that would have an anti-dilutive effect.

Historical Timeline

Fiscal YearFiled
2025Feb 13, 2026Showing above
2024Feb 7, 2025
2023Feb 9, 2024
2022Feb 10, 2023
2021Feb 11, 2022
2020Feb 12, 2021
2019Feb 14, 2020
2018Feb 25, 2019
2017Feb 16, 2018
2016Feb 27, 2017
2015Feb 22, 2016

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.