Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.24.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Share
4. EARNINGS PER SHARE
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):
Three Months Ended September 30, Nine Months Ended September 30,
2024 2023 2024 2023
Net income $ 102  $ 103  $ 204  $ 240 
Basic weighted average shares outstanding 78.8 84.0 80.1 85.2
Stock options and restricted stock units (“RSUs”) (a)
0.4 0.5 0.4 0.5
Diluted weighted average shares outstanding
79.2 84.5 80.5 85.7
Earnings per share:
Basic
 $ 1.30  $ 1.22  $ 2.55  $ 2.81 
Diluted
 1.29  1.21  2.54  2.79 
Dividends:
Cash dividends declared per share
 $ 0.38  $ 0.35  $ 1.14  $ 1.05 
Aggregate dividends paid to stockholders
 $ 29  $ 29  $ 92  $ 90 
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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 nine months ended September 30, 2023. Anti-dilutive shares related to stock options were immaterial for both the three and nine months ended September 30, 2024. Diluted shares outstanding excludes anti-dilutive shares related to RSUs of 0.5 million for both the three and nine months ended September 30, 2024 and 0.4 million for both the three and nine months ended September 30, 2023.

Stock Repurchase Program
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 nine months ended September 30, 2024
 3.8  285  75.01 
As of September 30, 2024 24.5  $ 1,646  $ 67.13 
The Company had $560 million of remaining availability under its program as of September 30, 2024.