(LOSS)/EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2024

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:


	Three Months Ended March 31,
($ and shares outstanding in millions, except per share amounts)	2024		2023
Basic EPS:
Numerator:
Net (loss) income attributable to stockholders	$	(4)	$	73
Denominator:
Weighted average shares outstanding	105.1		112.7
Basic EPS(1)	$	(0.04)	$	0.65
Diluted EPS:
Numerator:
Net (loss) income attributable to stockholders	$	(4)	$	73
Denominator:
Weighted average shares outstanding	105.1		114.4
Diluted EPS(1)	$	(0.04)	$	0.64

Basic weighted average shares outstanding	105.1		112.7
RSUs(2), PSUs(3), Options(4) and ESPP	—		1.7
Diluted weighted average shares outstanding	105.1		114.4

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

(2) Excludes approximately 136,000 shares of RSUs that would have been anti-dilutive to EPS for the three months ended March 31, 2023 under the treasury stock method. These RSUs could potentially dilute EPS in the future.

(3) Excludes approximately 33,000 shares of PSUs that would have been anti-dilutive to EPS for the three months ended March 31, 2023 under the treasury stock method. These PSUs could potentially dilute EPS in the future.

(4) Excludes approximately 530,000 shares of Options that would have been anti-dilutive to EPS for the three months ended March 31, 2023 under the treasury stock method. These Options could potentially dilute EPS in the future.

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. Potentially dilutive shares of 1,553,010 for the three months ended March 31, 2024, were excluded from the calculation of diluted weighted average shares outstanding and diluted earnings per share as a result of our net loss position.

Share Repurchases

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”). The following table summarizes stock repurchase activity under the share repurchase program as of March 31, 2024:


(in millions)	Shares	Cost
As of December 31, 2023	4	$	141
Repurchases	2	99
As of March 31, 2024	6	$	240

From April 1, 2023 through April 30, 2024, we repurchased approximately 1.1 million shares for $47 million. As of April 30, 2024, we had $213 million of remaining availability under the 2023 Repurchase Plan.