Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share

v3.20.2
Earnings Per Share
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Earnings Per Share
4. EARNINGS PER SHARE
The computation of basic and diluted earnings (loss) per share (“EPS”) is based on net income (loss) 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,
 
2020
 
2019
 
2020
 
2019
Net (loss)/income
$
(174
)
 
$
26

 
$
(152
)
 
$
47

 
 
 
 
 
 
 
 
Basic weighted average shares outstanding
93.3

 
97.1

 
93.5

 
97.5

Stock options and restricted stock units (“RSUs”) (a)
—

 
0.3

 
—

 
0.3

Diluted weighted average shares outstanding
93.3

 
97.4

 
93.5

 
97.8

 
 
 
 
 
 
 
 
(Loss)/earnings per share:
 
 
 
 
 
 
 
Basic
$
(1.86
)
 
$
0.27

 
$
(1.63
)
 
$
0.49

Diluted
(1.86
)
 
0.27

 
(1.63
)
 
0.49

 
 
 
 
 
 
 
 
Dividends:
 
 
 
 
 
 
 
Cash dividends declared per share
$
0.08

 
$
0.29

 
$
0.40

 
$
0.58

Aggregate dividends paid to shareholders
$
8

 
$
28

 
$
38

 
$
56


_____________________
(a)
Due to the anti-dilutive effect resulting from the reported net loss for the three and six months ended June 30, 2020, 0.1 million of anti-dilutive shares were omitted from the calculation of weighted average shares outstanding for those periods.

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 six months ended June 30, 2020
0.9

 
45

 
51.57

As of June 30, 2020
7.7

 
$
408

 
$
53.43

The Company had $191 million of remaining availability under its program as of June 30, 2020. On March 17, 2020, the Company suspended its share repurchase activity and as a condition of the amendment to its revolving credit agreement, the Company is restricted from repurchasing shares of its stock until the waiver amendment expires at the beginning of the second quarter of 2021 unless the Company elects to terminate the amendment earlier.