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Net Income per Share
 3 Months Ended
Mar. 31, 2020
Earnings Per Share [Abstract]  
Net Income per Share Net Income per Share
The following table sets forth the calculation of net income per share:
 
 
Three Months Ended March 31,
 
 
2020
 
2019
 
(In millions, except net income per share)
Numerator:
 
 
 
 
Net income
 
$
178

 
$
198

Denominator:
 
 
 
 
Shares outstanding at the beginning of the period
 
61.9

 
62.1

Weighted-average number of shares issued:
 
 
 
 
Stock purchases
 
(1.7
)
 
—

Stock-based compensation
 
—

 
—

Denominator for basic net income per share
 
60.2

 
62.1

Effect of dilutive securities: (1)
 
 
 
 
Warrants
 
0.1

 
3.5

Stock-based compensation
 
0.7

 
0.6

Denominator for diluted net income per share
 
61.0

 
66.2

 
 
 
 
 
Net income per share - Basic (2)
 
$
2.95

 
$
3.19

Net income per share - Diluted (2)
 
$
2.92

 
$
2.99

______________________________
(1)
The dilutive effect of all potentially dilutive common shares is calculated using the treasury stock method. Approximately 0.1 million anti-dilutive shares were not included in the computation of diluted net income per share for the three months ended March 31, 2019. All warrants outstanding as of December 31, 2019, were settled in the first quarter of 2020. For more information refer to Note 8, “Stockholders' Equity.”
(2)
Source data for calculations in thousands.