EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2025

EARNINGS PER SHARE:

The following table reconciles income (numerator) and shares (denominator) used in our computations of basic and diluted earnings per share for the periods presented (in millions, except share amounts which are reflected in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Income (Numerator)
Net income (loss)	$	1	$	96	$	(215)	$	140

Net income attributable to the noncontrolling interests	(2)		(2)		(6)		(6)

Numerator for basic and diluted earnings per common share available to common shareholders	$	(1)	$	94	$	(221)	$	134

Shares (Denominator)
Basic weighted-average common shares outstanding	69,660		66,355		68,921		65,570
Dilutive effect of stock-settled appreciation rights and outstanding stock options	—		171		—		139
Diluted weighted-average common and common equivalent shares outstanding	69,660		66,526		68,921		65,709

The following table shows the weighted-average stock-settled appreciation rights and outstanding stock options (in thousands) that are excluded from the calculation of diluted earnings per common share as the inclusion of such shares would be anti-dilutive:


	Three Months Ended September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Weighted-average stock-settled appreciation rights and outstanding stock options excluded	5,258	5,120	5,306	6,328

Sinclair, Inc. 10-Q