Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.20.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2020
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,
 
2020
 
2019
Net income
$
22

 
$
21

 
 
 
 
Basic weighted average shares outstanding
93.7

 
97.9

Stock options and restricted stock units (“RSUs”)
0.2

 
0.3

Diluted weighted average shares outstanding
93.9

 
98.2

 
 
 
 
Earnings per share:
 
 
 
Basic
$
0.23

 
$
0.22

Diluted
0.23

 
0.22

 
 
 
 
Dividends:
 
 
 
Cash dividends declared per share
$
0.32

 
$
0.29

Aggregate dividends paid to shareholders
$
30

 
$
28


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, 2020
6.8

 
$
363

 
$
53.67

For the three months ended March 31, 2020
0.9

 
45

 
51.57

As of March 31, 2020
7.7

 
$
408

 
$
53.43


The Company had $191 million of remaining availability under its program as of March 31, 2020. On March 17, 2020, the Company suspended its share repurchase activity.