Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.19.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2019
Earnings Per Share [Abstract]  
Earnings Per Share
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 June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
26

 
$
21

 
$
47

 
$
61

Basic weighted average shares outstanding
97.1

 
99.9

 
97.5

 
99.8

Stock options and restricted stock units (“RSUs”)
0.3

 
0.1

 
0.3

 
—

Diluted weighted average shares outstanding
97.4

 
100.0

 
97.8

 
99.8

 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Basic
$
0.27

 
$
0.21

 
$
0.49

 
$
0.61

Diluted
0.27

 
0.21

 
0.49

 
0.61

 
 
 
 
 
 
 
 
Dividends:
 
 
 
 
 
 
 
Cash dividends declared per share
$
0.29

 
$
0.25

 
$
0.29

 
$
0.25

Aggregate dividends paid to shareholders
$
28

 
$
27

 
$
56

 
$
27



Stock Repurchase Program
On May 9, 2018, the Company’s Board of Directors approved a stock repurchase program, which became effective immediately following the Distribution, under which the Company is authorized to repurchase up to $300 million of its outstanding common stock.
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 January 1, 2019
2.3

 
$
119

 
$
52.51

For the six months ended June 30, 2019
1.8

 
94

 
52.91

As of June 30, 2019
4.1

 
$
214

 
$
52.68


 
Note: Amounts may not add due to rounding.

The Company had $86 million of remaining availability under its program as of June 30, 2019.