Quarterly report pursuant to Section 13 or 15(d)

Earnings Per Share (Tables)

v3.20.2
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2020
Earnings Per Share [Abstract]  
Schedule of Computation of Basic and Diluted EPS
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


Schedule of Stock Repurchase Activity he 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