Earnings Per Share

12 Months Ended

Dec. 31, 2016

Earnings Per Share Reconciliation [Abstract]

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):



	Year Ended December 31,
	2016		2015		2014
Net income attributable to Wyndham shareholders	$	611	$	612	$	529
Basic weighted average shares outstanding	110		118		125
Stock-settled appreciation rights (“SSARs”), RSUs ^(a)and PSUs ^(b)	1		1		2
Diluted weighted average shares outstanding	111		119		127
Earnings per share:
Basic	$	5.56	$	5.18	$	4.22
Diluted	5.53		5.14		4.18
Dividends:
Cash dividends per share ^(c)	$	2.00	$	1.68	$	1.40
Aggregate dividends paid to shareholders	223		202		179


^(a)	Excludes 1.0 million and 0.4 million of restricted stock units (“RSUs”) for the years ended 2016 and 2015, respectively, that would have been anti-dilutive to EPS. Includes unvested dilutive RSUs which are subject to future forfeitures.


^(b)	Excludes performance vested restricted stock units (“PSUs”) of 0.6 million for the years ended 2016 and 2015 and 0.4 million for the year ended 2014, as the Company had not met the required performance metrics.


^(c)	For each of the quarterly periods ended March 31, June 30, September 30 and December 31, 2016, 2015 and 2014, the Company paid cash dividends of $0.50, $0.42 and $0.35 per share, respectively.

Stock Repurchase Programs

On February 8, 2016 the Company’s Board of Directors authorized an increase of $1.0 billion to the Company’s existing stock repurchase program. As of December 31, 2016, the total authorization of the current program was $5.0 billion. The Company had $741 million of remaining availability in its program as of December 31, 2016.

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 year ended December 31, 2016	8.9	625		70.35
As of December 31, 2016	88.1	$	4,337	49.22

As of December 31, 2016, the Company has repurchased under its current and prior stock repurchase plans, a total of 113 million shares at an average price of $45.47 for a cost of $5.1 billion since its separation from Cendant (“Separation”).