Earnings Per Share

12 Months Ended

Dec. 31, 2025

The weighted average number of shares outstanding used to compute earnings per common share were as follows (in millions):


	2025	2024	2023
Weighted average common shares outstanding for basic computations	232.7	238.3	250.3
Weighted average dilutive effect of equity awards	0.8	0.9	0.9
Weighted average common shares outstanding for diluted computations	233.5	239.2	251.2

We compute basic and diluted earnings per common share by dividing net earnings by the respective weighted average number of common shares outstanding for the periods presented. Our calculation of diluted earnings per common share also includes the dilutive effects for the assumed vesting of outstanding restricted stock units (RSUs) and performance stock units (PSUs) based on the treasury stock method. There were no significant anti-dilutive equity awards for the years ended December 31, 2025, 2024 and 2023. Basic and diluted weighted average common shares outstanding decreased in 2025 compared to 2024 due to share repurchases.

LOCKHEED MARTIN CORP 10-K