Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share (Tables)

v3.24.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 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 June 30, Six Months Ended June 30,
2024 2023 2024 2023
Net income $ 86  $ 70  $ 102  $ 137 
Basic weighted average shares outstanding 80.4 85.3 80.7 85.9
Stock options and restricted stock units (“RSUs”) (a)
0.3 0.4 0.5 0.5
Diluted weighted average shares outstanding
80.7 85.7 81.2 86.4
Earnings per share:
Basic
 $ 1.07  $ 0.82  $ 1.27  $ 1.59 
Diluted
 1.07  0.82  1.26  1.59 
Dividends:
Cash dividends declared per share
 $ 0.38  $ 0.35  $ 0.76  $ 0.70 
Aggregate dividends paid to stockholders
 $ 31  $ 30  $ 63  $ 61 
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(a)    Diluted shares outstanding excludes anti-dilutive shares related to stock options of 0.2 million for both the three and six months ended June 30, 2023. Anti-dilutive shares related to stock options were immaterial for both the three and six months ended June 30, 2024. Diluted shares outstanding excludes anti-dilutive shares related to RSUs of 0.6 million for both the three and six months ended June 30, 2024 and 0.4 million and 0.5 million for the three and six months ended June 30, 2023, respectively.
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 six months ended June 30, 2024
 2.6  188  74.20 
As of June 30, 2024 23.3  $ 1,549  $ 66.61