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Stockholders' Equity
 6 Months Ended
Jun. 30, 2019
Stockholders' Equity Note [Abstract]  
Stockholders' Equity
15. 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.
The following provides a reconciliation between basic and diluted EPS attributable to common stockholders:
 
 
Three Months Ended
 
 
Six Months Ended
 
 
June 30,
 
 
June 30,
millions except per-share amounts
 
2019

 
2018

 
 
2019

 
2018

Net income (loss)
 
 
 
 
 
 
 
 
 
Net income (loss) attributable to common stockholders
 
$
(1,025
)
 
$
29

 
 
$
(1,040
)
 
$
150

Income (loss) effect of TEUs
 
—

 
(1
)
 
 
—

 
(4
)
Less distributions on participating securities
 
1

 
1

 
 
3

 
2

Basic
 
$
(1,026
)
 
$
27

 
 
$
(1,043
)
 
$
144

Income (loss) effect of TEUs
 
—

 
—

 
 
—

 
(1
)
Diluted
 
$
(1,026
)
 
$
27

 
 
$
(1,043
)
 
$
143

Shares
 
 
 
 
 
 
 
 
 
Average number of common shares outstanding—basic
 
491

 
504

 
 
491

 
511

Dilutive effect of stock options
 
—

 
1

 
 
—

 
1

Average number of common shares outstanding—diluted
 
491

 
505

 
 
491

 
512

Excluded due to anti-dilutive effect
 
12

 
9

 
 
12

 
9

Net income (loss) per common share
 
 
 
 
 
 
 
 
 
Basic
 
$
(2.09
)
 
$
0.05

 
 
$
(2.13
)
 
$
0.28

Diluted
 
$
(2.09
)
 
$
0.05

 
 
$
(2.13
)
 
$
0.28

Dividends per common share
 
$
0.30

 
$
0.25

 
 
$
0.60

 
$
0.50



Common Stock  The Share-Repurchase Program authorizes the repurchase of the Company’s common stock in the open market or through private transactions. During 2018, the Share-Repurchase Program was expanded to $5.0 billion and extended through mid-year 2020. As of December 31, 2018, the Company had completed $3.75 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. There were no additional repurchases of common stock under the Share-Repurchase Program for the six months ended June 30, 2019. No additional share repurchases under the Share-Repurchase Program are anticipated pursuant to the terms of the Occidental Merger Agreement. See Note 1—Summary of Significant Accounting Policies for additional information on the Occidental Merger Agreement.

Dividends  Dividends declared are recorded as a reduction of retained earnings, to the extent that retained earnings were available at the beginning of the reporting period, with any excess recorded as a reduction of paid-in capital.