EARNINGS PER SHARE

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
($ and shares outstanding in millions, except per share amounts)	2024		2023		2024		2023
Basic EPS:
Numerator:
Net income attributable to stockholders	$	29	$	92	$	27	$	245
Denominator:
Weighted average shares outstanding	101.0		109.5		103.2		111.0
Basic EPS(1)	$	0.28	$	0.84	$	0.26	$	2.21
Diluted EPS:
Numerator:
Net income attributable to stockholders	$	29	$	92	$	27	$	245
Denominator:
Weighted average shares outstanding	102.0		110.9		104.4		112.6
Diluted EPS(1)	$	0.28	$	0.83	$	0.26	$	2.18

Basic weighted average shares outstanding	101.0		109.5		103.2		111.0
RSUs(2), PSUs(3), Options(4) and ESPP	1.0		1.4		1.2		1.6
Diluted weighted average shares outstanding	102.0		110.9		104.4		112.6

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

(2) Excludes approximately 42,000 and 214,000 shares of RSUs that would have been anti-dilutive to EPS under the treasury stock method for the three and nine months ended September 30, 2024. Also excludes approximately 11,000 shares of RSUs that would have been anti-dilutive to EPS under the treasury stock method for the three months ended September 30, 2023. These RSUs could potentially dilute EPS in the future. There were no anti-dilutive RSUs for the nine months ended September 30, 2023.

(3) Excludes approximately 14,000 and 9,000 shares of PSUs that would have been anti-dilutive to EPS under the treasury stock method for the three and nine months ended September 30, 2024. These PSUs could potentially dilute EPS in the future. There were no anti-dilutive PSUs for the three and nine months ended September 30, 2023.

(4) Excludes approximately 1,209,000 and 1,120,000 shares of Options that would have been anti-dilutive to EPS under the treasury stock method for the three and nine months ended September 30, 2024. Also excludes approximately 854,000 and 663,000 shares of Options that would have been anti-dilutive to EPS under the treasury stock method for the three and nine months ended September 30, 2023. These Options could potentially dilute EPS in the future.

Share Repurchases

On May 3, 2023, 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 “2023 Repurchase Plan”). On August 7, 2024, our Board of Directors approved a new share repurchase program authorizing us to repurchase up to an aggregate of $500 million of our outstanding shares of common stock over a two-year period (the “2024 Repurchase Plan”), which is in addition to the 2023 Share Repurchase Plan. The following table summarizes stock repurchase activity under the share repurchase program as of September 30, 2024:


(in millions)	Shares	Cost
As of December 31, 2023	4	$	141
Repurchases	7	307
As of September 30, 2024	11	$	448

From October 1, 2024 through October 31, 2024, we repurchased approximately 1.4 million shares for $50 million. As of October 31, 2024, we had $503 million of remaining availability under the share repurchase programs, of which $3 million was under the 2023 Repurchase Plan and $500 million was under the 2024 Repurchase Plan.