14. Stockholders’ Equity

Earnings Per Share The Company’s basic earnings per share (EPS) is computed based on the average number of shares of common stock outstanding for the period and includes the effect of any participating securities and TEUs as appropriate. Diluted EPS includes the effect of the Company’s outstanding stock options, restricted stock awards, restricted stock units, and TEUs, if the inclusion of these items is dilutive. All outstanding TEUs were settled in June 2018. See Note 9—Tangible Equity Units for additional information.

The following provides a reconciliation between basic and diluted EPS attributable to common stockholders:



	Three Months Ended					Nine Months Ended
	September 30,					September 30,
millions except per-share amounts	2018		2017			2018			2017
Net income (loss)
Net income (loss) attributable to common stockholders	$	363	$	(699	)	$	513		$	(1,432	)
Income (loss) effect of TEUs	—		(2		)	(4		)	(6		)
Less distributions on participating securities	2		—			4			—
Less undistributed income allocated to participating securities	2		—			1			—
Basic	$	359	$	(701	)	$	504		$	(1,438	)
Income (loss) effect of TEUs	—		—			—			(1		)
Diluted	$	359	$	(701	)	$	504		$	(1,439	)
Shares
Average number of common shares outstanding—basic	499		553			507			552
Dilutive effect of stock options	1		—			1			—
Average number of common shares outstanding—diluted	500		553			508			552
Excluded due to anti-dilutive effect	8		11			9			11
Net income (loss) per common share
Basic	$	0.72	$	(1.27	)	$	0.99		$	(2.60	)
Diluted	$	0.72	$	(1.27	)	$	0.99		$	(2.61	)

14. Stockholders’ Equity (Continued)

Common Stock The Company announced a $2.5 billion Share-Repurchase Program in September 2017, which was expanded to $3.0 billion in February 2018. In July 2018, the program was further expanded to $4.0 billion and extended through June 30, 2019. The Share-Repurchase Program authorizes the repurchase of the Company’s common stock in the open market or through private transactions. As of the end of the third quarter of 2018, the Company had completed $3.5 billion of the Share-Repurchase Program through ASR Agreements and open-market repurchases. These transactions were accounted for as equity transactions, with all of the repurchased shares classified as treasury stock. Additionally, the receipt of these shares reduced the average number of shares of common stock outstanding used to compute both basic and diluted EPS.

During the nine months ended September 30, 2018, the Company entered into and completed two ASR Agreements and open-market repurchases as presented below:



millions except per-share amounts
Agreement Date	Settlement Date	Amount		Average Price per Share		Initial Shares Delivered	Additional Shares Delivered	Total Shares Delivered
ASR Agreements
January 2018	February 2018	$	500	$	58.82	7.0	1.5	8.5
March 2018	June 2018	1,441		65.28		19.1	3.0	22.1
Total ASR Agreements		1,941				26.1	4.5	30.6
Open-market repurchases
August 2018	August 2018	250		66.14		N/A	N/A	3.8
September 2018	September 2018	250		63.11		N/A	N/A	3.9
Total open-market repurchases		500						7.7
Total		$	2,441					38.3

Under each ASR Agreement, the Company paid a specific amount in cash and received an initial delivery of shares of the Company’s common stock. The initial delivery of shares represented the minimum number of shares to be repurchased under the agreement. The final number of shares delivered upon settlement of each ASR Agreement was determined with reference to the volume-weighted average price of the shares during the term of the agreement less a negotiated settlement price adjustment.