Earnings Per Share Earnings Per Share (Notes)

6 Months Ended

Jun. 30, 2016

The following table sets forth the computation of basic and diluted earnings (loss) per share (“EPS”) (shares in millions):



		Three Months Ended June 30,				Six Months Ended June 30,
		2016		2015		2016			2015
Net income (loss) for basic and diluted EPS		$	36	$	143	$	(15	)	$	134

Basic weighted average shares outstanding		93.9		105.5		95.1			105.8
Options and non-vested stock ^(a)		1.2		1.2		—			1.3
Diluted weighted average shares outstanding		95.1		106.7		95.1			107.1

Earnings (loss) per share:
	Basic	$	0.39	$	1.36	$	(0.16	)	$	1.27
	Diluted	$	0.38	$	1.34	$	(0.16	)	$	1.25

__________

^(a)

For the three months ended June 30, 2016 and 2015, 0.2 million non-vested stock awards have an anti-dilutive effect in each period and therefore are excluded from the computation of diluted weighted average shares outstanding. As the Company incurred a net loss for the six months ended June 30, 2016, 0.8 million outstanding options and 1.5 million non-vested stock awards have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding. For the six months ended June 30, 2015, 0.1 million non-vested stock awards have an anti-dilutive effect and therefore are excluded from the computation of diluted weighted average shares outstanding.