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Earnings Per Share (EPS)

12 Months Ended

Dec. 31, 2019

EPS from continuing operations attributable to Raytheon Company common stockholders and unvested stock-based payment awards was as follows:



	2019		2018		2017
Basic EPS attributable to Raytheon Company common stockholders:
Distributed earnings	$	3.76	$	3.46	$	3.18
Undistributed earnings	8.17		6.70		3.77
Total	$	11.93	$	10.16	$	6.95
Diluted EPS attributable to Raytheon Company common stockholders:
Distributed earnings	$	3.76	$	3.45	$	3.18
Undistributed earnings	8.16		6.70		3.76
Total	$	11.92	$	10.15	$	6.94

Income attributable to participating securities was as follows:



(In millions)	2019		2018		2017
Income from continuing operations attributable to participating securities	$	32	$	30	$	24
Income (loss) from discontinued operations, net of tax attributable to participating securities	—		—		—
Net income attributable to participating securities	$	32	$	30	$	24

The weighted-average shares outstanding for basic and diluted EPS were as follows:



(In millions)	2019	2018	2017
Shares for basic EPS⁽¹⁾	280.0	286.5	291.1
Effect of dilutive securities	0.2	0.3	0.3
Shares for diluted EPS	280.2	286.8	291.4


(1)	Includes participating securities of 2.7 million, 2.9 million and 3.5 million for 2019, 2018 and 2017, respectively.

Our Board of Directors is authorized to issue up to 200 million shares of preferred stock, $0.01 par value per share, in multiple series with terms as determined by them. There were no shares of preferred stock outstanding at December 31, 2019 or December 31, 2018.