Equity and Earnings (Loss) Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity and Earnings (Loss) Per Share | Equity and Earnings (Loss) Per Share Share Repurchase Program In March 2014, the Company announced a $1 billion share repurchase program (the "2014 share repurchase program"). The program replaced the $300 million share repurchase program that the Company announced in 2013, under which the Company repurchased 4 million shares of its common stock at an aggregate purchase price of $87 million during the year ended December 31, 2013. The 2014 share repurchase program permits the Company to purchase shares through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the Company to make any repurchases at any specific time or situation. The timing and extent to which the Company repurchases its shares will depend upon, among other things, market conditions, share price, liquidity targets and other factors. Share repurchases may be commenced or suspended at any time or from time to time without prior notice. During 2015, the Company repurchased 37 million shares at an aggregate purchase price of approximately $605 million under the 2014 share repurchase program. Repurchases are included in treasury stock in the accompanying condensed consolidated balance sheets as of December 31, 2015. As of December 31, 2015, the approximate dollar value of shares that may yet be purchased under the 2014 share repurchase program is $396 million. Earnings (Loss) Per Share Basic earnings per share has been computed based upon the weighted average number of common shares outstanding. Diluted earnings per share has been computed based upon the weighted average number of common shares outstanding plus the effect of all potentially dilutive common stock equivalents, except when the effect would be anti-dilutive. The following table sets forth the computation of basic and diluted earnings per share:
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