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. |