Earnings per share is computed using the treasury stock method. Stock options and SARs to purchase 8 million shares of common stock were outstanding, but were excluded from the calculations of diluted earnings per share for each of the years ended December 31, 2025, 2024 and 2023 because their exercise prices were greater than the average market price of the common shares and, therefore, the effect would be antidilutive. The following is a reconciliation of basic and diluted earnings per share for the years ended December 31, 2025, 2024 and disposition of certain insurance contracts. Ceded reinsurance agreements permit the Company to recover a portion of its losses from reinsurers, although they do not discharge the Company's primary liability as the direct insurer of the risks reinsured. Reinsurance recoverables (recorded as other current assets or other assets on the consolidated balance sheets) at December 31, Fresenius Medical Care Reinsurance Company (Cayman) Ltd.