Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share (Tables)

v3.23.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted EPS
The following table sets forth the computation of basic and diluted EPS (in millions, except per share data):
Three Months Ended June 30, Six Months Ended June 30,
2023 2022 2023 2022
Net income $ 70  $ 92  $ 137  $ 198 
Basic weighted average shares outstanding 85.3 91.6 85.9 92.0
Stock options and restricted stock units (“RSUs”) (a)
0.4 0.5 0.5 0.7
Diluted weighted average shares outstanding
85.7 92.1 86.4 92.7
Earnings per share:
Basic
 $ 0.82  $ 1.00  $ 1.59  $ 2.15 
Diluted
 0.82  1.00  1.59  2.13 
Dividends:
Cash dividends declared per share
 $ 0.35  $ 0.32  $ 0.70  $ 0.64 
Aggregate dividends paid to stockholders
 $ 30  $ 29  $ 61  $ 59 
______________________
(a)    Diluted shares outstanding excludes shares related to stock options of 0.2 million for both the three and six months ended June 30, 2023 and 0.4 million for both the three and six months ended June 30, 2022. Diluted shares outstanding excludes shares related to RSUs of 0.4 million and 0.5 million for the three and six months ended June 30, 2023, respectively, and 0.3 million and 0.2 million for the three and six months ended June 30, 2022, respectively. Such shares are excluded as their effect would have been anti-dilutive under the treasury stock method.
Schedule of Stock Repurchase Activity
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 December 31, 2022
 15.2  $ 964  $ 63.32 
For the six months ended June 30, 2023
 2.4  165  69.20 
As of June 30, 2023 17.6  $ 1,129  $ 64.12