NOTE 13—LOSS PER SHARE

Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding. Diluted loss per share includes the effects of unvested RSUs with a service condition only, unvested contingently issuable PSUs that have service and performance conditions, and shares issuable upon conversion of the Existing Exchangeable Notes and New Exchangeable Notes, if dilutive. Diluted earnings per share is computed using the treasury stock method for the RSUs and PSUs and the if-converted method for the Existing Exchangeable Notes and New Exchangeable Notes.

The following table sets forth the computation of basic and diluted loss per common share:

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Vested RSUs and PSUs have dividend rights identical to the Company’s Common Stock and are treated as outstanding shares for purposes of computing basic and diluted loss per share.

Included in the computation of basic loss per share are 1,869,173 contingently issuable RSUs whose issuance conditions were satisfied when the grantee attained retirement eligibility or when the normal service conditions had been met. These contingently issuable RSUs will not be issued until their vesting dates. For the year ended December 31, 2025, December 31, 2024, and December 31, 2023, unvested RSUs of 2,703,905; 1,662,429; and 272,469, respectively, were not included in the computation of diluted loss per share because they would be anti-dilutive.

All Tranche Year PSUs which had been attained at December 31, 2025, December 31, 2024, and December 31, 2023 were included in basic loss per share for each respective period because the issuance of the related shares were contingent only upon the passage of time. Therefore, no granted Tranche Year PSUs at December 31, 2025, December 31, 2024, and December 31, 2023 could further dilute basic loss per share.

The Company has excluded approximately 22.3 million shares issuable upon conversion of the Existing Exchangeable Notes from the computation of diluted loss per share for the year ended December 31, 2025, because they would be anti-dilutive. The Company had excluded approximately 85.2 million shares issuable upon conversion of the Existing Exchangeable Notes from the computation of diluted loss per share for the year ended December 31, 2024, because they would have been anti-dilutive.

The New Exchangeable Notes are convertible into between 77.1 million and 141.4 million shares of Common Stock which could potentially dilute future basic earnings per share. Additionally, the Company has agreed to pay $21.3 million of fees payable in shares of Common Stock to holders of the New Exchangeable Notes. These additional shares could also potentially dilute future basic earnings per share. See Note 7—Corporate Borrowings and Finance Lease Liabilities for more information.