Earnings Per Share

3 Months Ended

Mar. 31, 2023

The following tables present the calculation of our basic and diluted earnings per share (“EPS”) and the corresponding weighted average shares outstanding referenced in these calculations for the three months ended March 31, 2023 and 2022, respectively.


	Three Months Ended March 31,
($ and shares outstanding in millions, except per share amounts)	2023		2022
Basic EPS:
Numerator:
Net income	$	73	$	51
Denominator:
Weighted average shares outstanding	113		120
Basic EPS(1)	$	0.65	$	0.42
Diluted EPS:
Numerator:
Net income	$	73	$	51
Denominator:
Weighted average shares outstanding	114		122
Diluted EPS(1)	$	0.64	$	0.42

(1)Earnings per share amounts are calculated using whole numbers.

The dilutive effect of outstanding share-based compensation awards is reflected in diluted earnings per common share by application of the treasury stock method using average market prices during the period. For the three months ended March 31, 2023, and 2022, we excluded 699,357 and 338,109, respectively, of share-based compensation awards, because their effect would have been anti-dilutive under the treasury stock method.

Share Repurchases

On May 4, 2022, our Board of Directors approved a share repurchase program authorizing the Company to repurchase up to an aggregate of $500 million of its outstanding shares of common stock over a two-year period. The following table summarizes stock repurchase activity under the share repurchase program as of March 31, 2023:


(in millions)	Shares	Cost
As of December 31, 2022	7	$	272
Repurchases	2	85
As of March 31, 2023	9	$	357

From April 1, 2023 through April 21, 2023, we repurchased 1.3 million shares for $60 million. As of April 21, 2023, we had $83 million of remaining availability under the share repurchase program.