EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2023

The following tables present the calculation of our basic and diluted EPS and the corresponding weighted average shares outstanding referenced in these calculations for the years ended December 31, 2023, 2022, and 2021.


	Year Ended December 31,
($ and shares outstanding in millions, except per share amounts)	2023		2022		2021
Basic EPS:
Numerator:
Net income	$	313	$	352	$	176
Denominator:
Weighted average shares outstanding	110.1		118.0		99.7
Basic EPS(1)	$	2.84	$	2.98	$	1.77
Diluted EPS:
Numerator:
Net income	$	313	$	352	$	176
Denominator:
Weighted average shares outstanding	111.6		119.6		101.1
Diluted EPS(1)	$	2.80	$	2.93	$	1.75

Basic weighted average shares outstanding	110.1		118.0		99.7
RSUs(2), PSUs(3), Options(4) and ESPP	1.5		1.6		1.4
Diluted weighted average shares outstanding	111.6		119.6		101.1

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

(2) There were no anti-dilutive RSUs for the years ended December 31, 2023, 2022, and 2021, respectively.

(3) There were no anti-dilutive PSUs for the years ended December 31, 2023, 2022, and 2021, respectively.

(4) Excludes $0.8 million (or approximately 818,000 shares), $0.8 million (or approximately 760,000 shares), and $0.7 million (or approximately 652,000 shares) of Options that would have been anti-dilutive to EPS for the years ended December 31, 2023, 2022, and 2021, respectively, under the treasury stock method. These Options could potentially dilute EPS in the future.

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 timing and actual number of shares repurchased will depend on a variety of factors, including the stock price, corporate and regulatory requirements and other market and economic conditions. The shares are retired upon repurchase. The stock repurchase programs may be

suspended or discontinued at any time and will automatically expire at the end of each plan's respective term. As of December 31, 2023, $360 million remains available to be repurchased under the 2023 Repurchase Plan.

The following table summarizes stock repurchase activity under the share repurchase program as of December 31, 2023:


(in millions)	Shares	Cost
As of December 31, 2022	7	$	272
Repurchases	9	368
As of December 31, 2023	16	$	640

From January 1, 2024, through February 23, 2024, we repurchased approximately 1.7 million shares for $71 million. As of February 23, 2024, we had $289 million of remaining availability under the 2023 Repurchase Plan.