Basic earnings per share is net earnings divided by the weighted average number of our outstanding common shares, including stock equivalent units where there is no circumstance under which those shares would not be issued. Diluted earnings per share is net earnings divided by the sum of the weighted average number of our outstanding common shares and the effect of our outstanding dilutive potential common shares.


	QUARTER ENDED
SHARES IN THOUSANDS	MARCH 2025		MARCH 2024
Weighted average common shares outstanding – basic		726,143		730,043
Dilutive potential common shares:
Stock options		74		144
Restricted stock units		43		122
Performance share units		306		249
Total effect of outstanding dilutive potential common shares		423		515
Weighted average common shares outstanding – dilutive		726,566		730,558

The following shares were not included in the computation of diluted earnings per share because they were either antidilutive or the required performance or market conditions were not met. Some or all of these shares may be dilutive potential common shares in future periods.


	QUARTER ENDED
SHARES IN THOUSANDS	MARCH 2025		MARCH 2024
Stock options		—		609
Performance share units		905		814

On September 22, 2021, we announced that our board of directors approved a new share repurchase program (the 2021 Repurchase Program) under which we are authorized to repurchase up to $1 billion of outstanding shares. Concurrently, the board terminated the remaining repurchase authorization under the share repurchase program approved by the board in February 2019 (the 2019 Repurchase Program).

We repurchased 845,049 common shares for approximately $25 million (including transaction fees) under the 2021 Repurchase Program during first quarter 2025. During first quarter 2024, we repurchased 1,472,369 common shares for approximately $49 million (including transaction fees) under the 2021 Repurchase Program. As of March 31, 2025, we had remaining authorization of $74 million for future share repurchases.

All common stock repurchases under the 2021 Repurchase Program were made in open-market transactions. We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed. We record a liability for repurchases that have not yet been settled as of period end. There were no unsettled shares as of March 31, 2025 and 12,436 unsettled shares (less than $1 million) as of December 31, 2024.