Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share (Tables)

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Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31,
2024 2023
Net income $ 16  $ 67 
Basic weighted average shares outstanding 81.2 86.5
Stock options and restricted stock units (“RSUs”) (a)
0.6 0.6
Diluted weighted average shares outstanding
81.8 87.1
Earnings per share:
Basic
 $ 0.20  $ 0.77 
Diluted
 0.19  0.77 
Dividends:
Cash dividends declared per share
 $ 0.38  $ 0.35 
Aggregate dividends paid to stockholders
 $ 32  $ 31 
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(a)    Diluted shares outstanding excludes shares related to stock options of 0.5 million for the three months ended March 31, 2023. Such stock options were immaterial for the three months ended March 31, 2024. Diluted shares outstanding excludes shares related to RSUs of 0.3 million and 0.5 million related to RSUs for the three months ended March 31, 2024 and 2023, 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) which includes excise taxes and fees:
Shares Cost Average Price Per Share
As of December 31, 2023
 20.7  $ 1,361  $ 65.69 
For the three months ended March 31, 2024
 0.7  57  78.63 
As of March 31, 2024 21.4  $ 1,418  $ 66.12