EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Reconciliation of earnings or loss and number of shares used in calculation of basic and diluted earnings or loss per share

The table below illustrates the reconciliation of the earnings and number of shares used in our calculation of basic earnings per share attributable to common stockholders.

	Three Months Ended
(in millions, except per share amounts)	March 31, 2024		March 31, 2023
Net income attributable to common stockholders	$	47	$	87
Shares for basic earnings per share	35.5		37.4
Basic earnings per share	$	1.32	$	2.32

The table below illustrates the reconciliation of the earnings and number of shares used in our calculation of diluted earnings per share attributable to common stockholders.

	Three Months Ended
(in millions, except per share amounts)	March 31, 2024		March 31, 2023
Net income attributable to common stockholders	$	47	$	87
Add back of interest expense related to convertible notes, net of tax	5		4
Numerator used to calculate diluted earnings per share	$	52	$	91
Shares for basic earnings per share	35.5		37.4
Effect of dilutive shares outstanding
Employee SARs	—		0.2
Restricted stock units	0.1		0.3
2026 Convertible Notes ($575 million of principal)	3.6		3.5
2027 Convertible Notes ($575 million of principal)	3.0		3.0
Shares for diluted earnings per share	42.2		44.4
Diluted earnings per share	$	1.22	$	2.06

The computations of diluted earnings per share attributable to common stockholders in the table above exclude approximately 396,000 and 239,000 shares of common stock, the maximum number of shares issuable as of March 31, 2024 and March 31, 2023, respectively, upon the vesting of certain performance-based awards, because the performance conditions required to be met for the shares subject to such awards to vest were not achieved by the end of the reporting period.