Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.19.3
Earnings Per Share
 9 Months Ended
Sep. 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 September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
45

 
$
58

 
$
93

 
$
118

Basic weighted average shares outstanding
96.2

 
99.8

 
97.0

 
99.8

Stock options and restricted stock units (“RSUs”)
0.1

 
0.3

 
0.2

 
0.1

Diluted weighted average shares outstanding
96.3

 
100.1

 
97.2

 
99.9

 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Basic
$
0.47

 
$
0.58

 
$
0.95

 
$
1.19

Diluted
0.47

 
0.58

 
0.95

 
1.19

 
 
 
 
 
 
 
 
Dividends:
 
 
 
 
 
 
 
Cash dividends declared per share
$
0.29

 
$
0.25

 
$
0.87

 
$
0.50

Aggregate dividends paid to shareholders
$
28

 
$
25

 
$
84

 
$
52



Stock Repurchase Program
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 nine months ended September 30, 2019
3.2

 
169

 
53.02

As of September 30, 2019
5.5

 
$
289

 
$
52.81


 
Note: Amounts may not add due to rounding.

The Company had $312 million of remaining availability under its program as of September 30, 2019.