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The computation of basic and diluted earnings per share (“EPS”) is based on net income 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):
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2022 |
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2021 |
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2022 |
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2021 |
| Net income |
$ |
92 |
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$ |
68 |
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$ |
198 |
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$ |
93 |
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| Basic weighted average shares outstanding |
91.6 |
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93.6 |
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92.0 |
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93.5 |
| Stock options and restricted stock units (“RSUs”) |
0.5 |
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0.5 |
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0.7 |
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0.4 |
Diluted weighted average shares outstanding |
92.1 |
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94.1 |
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92.7 |
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93.9 |
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Earnings per share: |
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Basic |
$ |
1.00 |
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$ |
0.73 |
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$ |
2.15 |
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$ |
0.99 |
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Diluted |
1.00 |
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0.73 |
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2.13 |
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0.99 |
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Dividends: |
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Cash dividends declared per share |
$ |
0.32 |
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$ |
0.16 |
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$ |
0.64 |
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$ |
0.32 |
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Aggregate dividends paid to stockholders |
$ |
29 |
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$ |
15 |
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$ |
59 |
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$ |
30 |
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Stock Repurchase Program
The following table summarizes stock repurchase activity under the current stock repurchase program (in millions, except per share data):
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Shares |
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Cost |
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Average Price Per Share |
As of December 31, 2021 |
9.0 |
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$ |
519 |
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$ |
57.55 |
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For the six months ended June 30, 2022 |
2.3 |
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180 |
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76.94 |
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| As of June 30, 2022 |
11.3 |
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$ |
699 |
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$ |
61.53 |
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