NET EARNINGS (LOSS) PER SHARE AND SHARE REPURCHASES

6 Months Ended

Jun. 30, 2020

NET EARNINGS (LOSS) PER SHARE AND SHARE REPURCHASES

NOTE 4: NET EARNINGS (LOSS) PER SHARE AND SHARE REPURCHASES

Our basic and diluted earnings (loss) per share were:

●	$0.10 during second quarter 2020 and $0.30 during year-to-date 2020;

●	$0.17 during second quarter 2019 and $(0.22) during year-to-date 2019.

Basic earnings (loss) per share is net earnings (loss) 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 (loss) per share is net earnings (loss) 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				YEAR-TO-DATE ENDED
SHARES IN THOUSANDS	JUNE 2020		JUNE 2019		JUNE 2020		JUNE 2019
Weighted average common shares outstanding – basic		746,896		745,486		746,715		746,041
Dilutive potential common shares:
Stock options		—		354		169		—
Restricted stock units		38		334		161		—
Performance share units		50		58		25		—
Total effect of outstanding dilutive potential common shares		88		746		355		—
Weighted average common shares outstanding – dilutive		746,984		746,232		747,070		746,041

We use the treasury stock method to calculate the dilutive effect of our outstanding stock options, restricted stock units and performance share units.

Potential Shares Not Included in the Computation of Diluted Earnings (Loss) per Share

The following shares were not included in the computation of diluted earnings (loss) 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				YEAR-TO-DATE ENDED
SHARES IN THOUSANDS	JUNE 2020		JUNE 2019		JUNE 2020		JUNE 2019
Stock options		4,676		2,490		4,676		2,848
Restricted stock units		—		—		—		359
Performance share units		1,139		999		1,139		1,074

Share Repurchase Program

On February 7, 2019, our board of directors approved and announced a new share repurchase program (the 2019 Repurchase Program) under which we are authorized to repurchase up to $500 million of outstanding shares. Concurrently, the board terminated the remaining repurchase authorization under the share repurchase program approved by the board in November 2015.

During year-to-date 2020, we did not repurchase shares. During year-to-date 2019, we repurchased over 2.3 million common shares for approximately $60 million under the 2019 Repurchase Program. As of June 30, 2020, we had remaining authorization of approximately $440 million for future share repurchases. All common stock repurchases under the 2019 Repurchase Program were made in open-market transactions.