Annual report pursuant to Section 13 and 15(d)

Earnings Per Share

v3.22.0.1
Earnings Per Share
 12 Months Ended
Dec. 31, 2021
Earnings Per Share [Abstract]  
Earnings Per Share
4. EARNINGS PER SHARE
The computation of basic and diluted earnings/(loss) per share (“EPS”) is based on net income/(loss) divided by the basic weighted average number of common shares and diluted weighted average number of common shares, respectively.
The following table sets forth the computation of basic and diluted EPS (in millions, except per-share data) for the years ended December 31:
2021 2020 2019
Net income/(loss) $ 244  $ (132) $ 157 
Basic weighted average shares outstanding
 93.4  93.4  96.5 
Stock options and restricted stock units (“RSUs”) (a)
0.5  —  0.1 
Diluted weighted average shares outstanding
93.9  93.4  96.6 
Earnings/(loss) per share:
Basic
 $ 2.61  $ (1.42) $ 1.63 
Diluted
 2.60  (1.42) 1.62 
Dividends:
Cash dividends declared per share
 $ 0.88  $ 0.56  $ 1.16 
Aggregate dividends paid to stockholders
 $ 82  $ 53  $ 112 
_____________________
(a)    Due to the anti-dilutive effect resulting from the reported net loss for the year ended December 31, 2020, 0.1 million of anti-dilutive shares were omitted from the calculation of weighted average shares outstanding for the period.

Stock Repurchase Program
The following table summarizes stock repurchase activity under the current stock repurchase program (in millions, except per share data):
Shares Cost Average Price Per Share
As of January 1, 2020
 7.7  $ 408  $ 53.43 
For the twelve months ended December 31, 2021
 1.4  110  80.60 
As of December 31, 2021 9.0  $ 519  $ 57.55 
_____________________
Note: Amounts may not add due to rounding.

The Company had $81 million of remaining availability under its program as of December 31, 2021.