Quarterly report [Sections 13 or 15(d)]

Earnings Per Share

v3.25.1
Earnings Per Share
3 Months Ended
Mar. 31, 2024
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 March 31,
2025 2024
Net income $ 61  $ 16 
Basic weighted average shares outstanding 77.9 81.2
Stock options and restricted stock units (“RSUs”) (a)
0.8 0.6
Diluted weighted average shares outstanding
78.7 81.8
Earnings per share:
Basic
$ 0.78  $ 0.20 
Diluted
0.78  0.19 
Dividends:
Cash dividends declared per share
$ 0.41  $ 0.38 
Aggregate dividends paid to stockholders
$ 33  $ 32 
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(a)    Anti-dilutive shares related to stock options were immaterial for both the three months ended March 31, 2025 and 2024. Diluted shares outstanding excludes anti-dilutive shares related to RSUs of 0.1 million and 0.3 million for the three months ended March 31, 2025 and 2024, respectively.

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, 2024
24.8  $ 1,669  $ 67.32 
For the three months ended March 31, 2025
0.8  76  95.23 
As of March 31, 2025 25.6  $ 1,745  $ 68.19 
The Company had $462 million of remaining availability under its program as of March 31, 2025.