3. Earnings Per Share

Basic earnings or loss per share attributable to PHH Corporation was computed by dividing Net income or loss attributable to PHH Corporation by the weighted-average number of shares outstanding during the period. Diluted earnings or loss per share attributable to PHH Corporation was computed by dividing Net income or loss attributable to PHH Corporation by the weighted-average number of shares outstanding during the period, assuming all potentially dilutive common shares were issued. Share repurchases or issuances are included in the outstanding shares as of each settlement date. See further discussions of share activity and Board of Directors authorizations described in Note 14, 'Stock-Related Matters'.

Weighted-average common shares outstanding includes the following activity:

Year ended December 31, 2017


•	the repurchase of 2,450,466 common shares between May 2017 and August 2017 under an open market repurchase program; and


•	the repurchase of 18,762,962 common shares under a modified "Dutch auction" self-tender offer during September 2017.

Year ended December 31, 2016


•	the repurchase of 1,508,772 common shares during January 2016 under an open market repurchase program.

Year ended December 31, 2015


•	the repurchase of 4,841,267 common shares during November 2015 and December 2015 under an open market repurchase program;


•	the issuance of 10,075,653 common shares during June 2015 which represented the amount by which the conversion value exceeded the note principal under an exchange offer of certain convertible debt; and


•	the receipt and retirement of 1,574,252 common shares during March 2015 which represented the final delivery of shares under accelerated repurchase agreements.

The weighted-average computation of the dilutive effect of potentially issuable shares of Common stock under the treasury stock method excludes the effect of any contingently issuable securities where the contingency has not been met and excludes the effect of securities that would be anti-dilutive. Anti-dilutive securities may include: (i) outstanding stock-based compensation awards representing shares from restricted stock units and stock options and (ii) stock assumed to be issued related to convertible notes.

The following table summarizes the calculations of basic and diluted earnings or loss per share attributable to PHH Corporation for the periods indicated:



	Year Ended December 31,
	2017			2016			2015
	(In millions, except share and per share data)
Net loss attributable to PHH Corporation	$	(217	)	$	(202	)	$	(145	)
Weighted-average common shares outstanding — basic and diluted	46,912,204			53,627,170			55,201,713

Basic and Diluted loss per share attributable to PHH Corporation	$	(4.62	)	$	(3.77	)	$	(2.62	)

Anti-dilutive securities excluded from the computation of diluted shares:
Outstanding stock-based compensation awards⁽¹⁾	988,486			1,980,240			1,386,775
Assumed conversion of debt securities	—			—			4,341,369

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⁽¹⁾	For the year ended December 31, 2017, excludes 70,425 shares that are contingently issuable for which the contingency has not been met.