Earnings Per Share

9 Months Ended

Sep. 30, 2016

Earnings Per Share Reconciliation [Abstract]

Earnings Per Share

Earnings Per Share

The computation of basic and diluted earnings per share (“EPS”) is based on net income attributable to Wyndham shareholders divided by the basic weighted average number of common shares and diluted weighted average number of common shares, respectively.

The following table sets forth the computation of basic and diluted EPS (in millions, except per share data):

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Net income attributable to Wyndham shareholders	$	196	$	190	$	447	$	471
Basic weighted average shares outstanding	109		117		111		119
SSARs (a), RSUs (b) and PSUs (c)	1		1		1		1
Diluted weighted average shares outstanding	110		118		112		120
Earnings per share:
Basic	$	1.79	$	1.62	$	4.03	$	3.96
Diluted	1.78		1.61		4.01		3.93
Dividends:
Aggregate dividends paid to shareholders	$	54	$	49	$	169	$	153

^(a)  Excludes stock-settled appreciation rights (“SSARs”) that would have been anti-dilutive to EPS.

^(b)  Includes unvested dilutive restricted stock units (“RSUs”) which are subject to future forfeitures.

^(c)  Excludes 0.6 million performance vested restricted stock units (“PSUs”) for both the three and nine months ended September 30, 2016 and 2015, as the Company has not met the required performance metrics.

Stock Repurchase Program

The following table summarizes stock repurchase activity under the current stock repurchase program (in millions, except per share data):

	Shares	Cost		Average Price Per Share
As of December 31, 2015	79.2	$	3,712	$	46.85
For the nine months ended September 30, 2016	6.8	475		70.35
As of September 30, 2016	86.0	$	4,187	48.70

The Company had $891 million of remaining availability under its program as of September 30, 2016. The total capacity of the program was increased by proceeds received from stock option exercises.