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Profit Per Share
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Profit Per Share Profit per share
 
 
 
 
 
 
 
 
 
 
 
Computations of profit per share:
Three Months Ended September 30
 
Nine Months Ended September 30
(Dollars in millions except per share data)
2019
 
2018
 
2019
 
2018
Profit for the period (A) 1
$
1,494

 
$
1,727

 
$
4,995

 
$
5,099

Determination of shares (in millions):
 
 
 

 
 
 
 
Weighted-average number of common shares outstanding (B)
556.3

 
592.1

 
565.2

 
595.3

Shares issuable on exercise of stock awards, net of shares assumed to be purchased out of proceeds at average market price
4.9

 
7.3

 
5.6

 
8.5

Average common shares outstanding for fully diluted computation (C) 2
561.2

 
599.4

 
570.8

 
603.8

Profit per share of common stock:
 

 
 

 
 
 
 
Assuming no dilution (A/B)
$
2.69

 
$
2.92

 
$
8.84

 
$
8.57

Assuming full dilution (A/C) 2
$
2.66

 
$
2.88

 
$
8.75

 
$
8.45

Shares outstanding as of September 30 (in millions)
 
 
 
 
552.7


590.1

 
 
 
 
 
 
 
 
1 Profit attributable to common shareholders.
 
 
 
 
 
 
 
2 Diluted by assumed exercise of stock-based compensation awards using the treasury stock method.
 
 
 
 
 
 
 
 
 
 


Stock options to purchase 2,962,190 and 1,471,071 common shares were outstanding for the three and nine months ended September 30, 2019 and 2018, respectively. These stock options were not included in the computation of diluted earnings per share because the effect would have been anti-dilutive.

In July 2018, the Board approved a share repurchase authorization of up to $10.0 billion of Caterpillar common stock effective January 1, 2019, with no expiration (the 2018 Authorization). As of September 30, 2019, approximately $6.7 billion remained available under the 2018 Authorization.

For the three and nine months ended September 30, 2019, we repurchased 10.3 million and 25.8 million shares of our common stock, respectively, at an aggregate cost of $1.3 billion and $3.3 billion, respectively. These purchases were made through a combination of accelerated stock repurchase agreements with third-party financial institutions and open market transactions. For the three and nine months ended September 30, 2018, we repurchased 4.8 million and 12.8 million shares of our common stock, respectively, at an aggregate cost of $750 million and $2.0 billion, respectively.