EARNINGS PER SHARE

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2023 and 2022, respectively.


	Three Months Ended June 30,				Six Months Ended June 30,
($ and shares outstanding in millions, except per share amounts)	2023		2022		2023		2022
Basic EPS:
Numerator:
Net income	$	80	$	73	$	153	$	124
Denominator:
Weighted average shares outstanding	111		121		112		120
Basic EPS(1)	$	0.72	$	0.60	$	1.37	$	1.03
Diluted EPS:
Numerator:
Net income	$	80	$	73	$	153	$	124
Denominator:
Weighted average shares outstanding	112		122		113		122
Diluted EPS(1)	$	0.71	$	0.60	$	1.35	$	1.01

(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 and six months ended June 30, 2023, we excluded 1,111,202 and 880,806, respectively, and 839,347 and 485,808 for the three and six months ended June 30, 2022, 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 "2022 Repurchase Plan"). On May 3, 2023, our Board of Directors approved a new 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 "2023 Repurchase Plan") which is in addition to the 2022 Repurchase Plan. The following table summarizes stock repurchase activity under the share repurchase program as of June 30, 2023:


(in millions)	Shares	Cost
As of December 31, 2022	7	$	272
Repurchases	5	206
As of June 30, 2023	12	$	478

As of June 30, 2023, we had $522 million of remaining availability under the share repurchase programs, of which $22 million was under the 2022 Repurchase Plan and $500 million was under the 2023 Repurchase Plan.