10)COMMON SHARES

The computation of basic earnings per common share is based on the weighted average number of common shares outstanding. The computation of diluted earnings per common share is based on the weighted average number of common and common share equivalents outstanding.

The following is a reconciliation of the shares used in the computation of earnings per share:

	Quarters ended March 31,
(In millions)	2015	2014
Weighted average shares outstanding - Basic	68.8	96.3
Dilutive effect of common share equivalents	1.0	1.5
Weighted average shares outstanding - Diluted	69.8	97.8

In October 2014, the Board approved a share repurchase authorization of up to $500 million conditioned upon the sale of the Chemtura AgroSolutions business. This repurchase program will expire on December 1, 2015.

During the quarter ended March 31, 2015, we repurchased 5.1 million shares of our common stock at a cost of $122 million. As of March 31, 2015, $48 million remained under the share repurchase program.

The shares are expected to be repurchased from time to time through open market purchases. The program does not obligate us to repurchase any particular amount of common stock and may be modified or suspended at any time at the Board’s discretion. The manner, price, number and timing of such repurchases, if any, will be subject to a variety of factors, including market conditions and the applicable rules and regulations of the SEC. We release the value of treasury shares at the weighted average price per share when shares are issued from treasury.