SHAREHOLDERS’ EQUITY AND NET INCOME PER SHARE

12 Months Ended

Dec. 31, 2019

Shareholders' Equity and Net Income Per Share Note [Abstract]

SHAREHOLDERS' EQUITY AND NET INCOME PER SHARE

SHAREHOLDERS’ EQUITY AND NET INCOME PER SHARE

Net Income Per Share

Basic net income per share is computed by dividing net income attributable to Delphi Technologies by the weighted average number of ordinary shares outstanding during the period. Diluted net income per share reflects the weighted average dilutive impact of all potentially dilutive securities from the date of issuance and is computed using the treasury stock method by dividing net income attributable to Delphi Technologies by the diluted weighted average number of ordinary shares outstanding. For periods prior to the Separation, the denominator for basic and diluted net income per share was calculated using the 88.61 million Delphi Technologies ordinary shares outstanding immediately following the Separation. The same number of shares was used to calculate basic and diluted earnings per share in those periods since no Delphi Technologies equity awards were outstanding prior to the Separation. For periods subsequent to the Separation, the calculation of net income per share contemplates the dilutive impacts, if any, of the Company’s share-based compensation plans. Refer to Note 22. Share-Based Compensation for additional information.

The following table illustrates net income per share attributable to Delphi Technologies and the weighted average shares outstanding used in calculating basic and diluted income per share:

	Year Ended December 31,
	2019		2018		2017
	(in millions, except per share data)
Numerator:
Net income attributable to Delphi Technologies	$	17	$	358	$	285
Denominator:
Weighted average ordinary shares outstanding, basic	87.29		88.68		88.61
Dilutive shares related to RSUs	0.13		0.21		0.05
Weighted average ordinary shares outstanding, including dilutive shares	87.42		88.89		88.66
Net income per share attributable to Delphi Technologies:
Basic	$	0.19	$	4.04	$	3.22
Diluted	$	0.19	$	4.03	$	3.21
Anti-dilutive securities share impact	—		—		—

Dividends

The Board of Directors elected to suspend the Company’s dividends in January 2019. No dividends were paid during 2019.

Share Repurchases

In January 2019, the Board of Directors elected to suspend the Company’s quarterly dividend and approved a new $200 million share repurchase program, which replaced the previous authorization from July 2018. Repurchases under this program can be made at management’s discretion from time to time on the open market or through privately negotiated transactions. On October 31, 2019, the Company suspended its share repurchase program.

A summary of the ordinary shares repurchased during the years ended December 31, 2019, 2018 and 2017 is as follows:

	2019		2018		2017
Total number of shares repurchased	2,622,776		293,695		—
Average price paid per share	$	17.16	$	34.05	$	—
Total (in millions)	$	45	$	10	$	—

All repurchased shares were retired and returned to authorized but unissued shares. The repurchased shares are reflected as a reduction of ordinary share capital for the par value of the shares, with the excess applied as reductions to additional paid-in-capital and retained earnings.