NOTE 4. EARNINGS PER SHARE (“EPS”) AND EQUITY

Earnings Per Share

We calculate basic earnings per share ("EPS") using net earnings for the period and the weighted average number of outstanding shares of our common stock, par value $0.10 per share, during the period. Basic weighted average shares outstanding have decreased due to share repurchases. Diluted earnings per share computations, as calculated under the treasury stock method, include the weighted average number of shares of additional outstanding common stock issuable for stock options, restricted stock awards, restricted stock units and warrants whether or not currently exercisable. Diluted earnings per share does not include securities if their effect was anti-dilutive. Basic and diluted weighted average shares outstanding were as follows (in millions):



	Three Months Ended March 31,
	2016	2015
Basic weighted average common shares outstanding	129	132
Dilutive effect of stock options, restricted stock and restricted stock units ⁽¹⁾	—	—
Diluted weighted average common shares outstanding	129	132

(1) Excludes restricted stock units of 1 for both the three months ended March 31, 2016 and 2015; and stock options of 1 and zero for the three months ended March 31, 2016 and 2015, respectively, because their inclusion would have been anti-dilutive.

Equity

Share Repurchases

In January 2016, we repurchased approximately 1.2 million of our common stock at a weighted average cost of $15.29 per share for an aggregate amount of $18 million.

Dividends per Share

Dividends declared per share were $0.25 for each of the three-month periods ended March 31, 2016 and 2015. Cash dividends paid were $33 million for each of the three-month periods ended March 31, 2016 and 2015.

Accumulated Other Comprehensive Income (Loss) ("AOCI")

The changes in accumulated other comprehensive loss are as follows (in millions):



	Foreign Currency Translation			Pension and Other Postretirement Plan Unrecognized Net Gain		Net Unrealized (Loss) Gain on Derivatives			Net Unrealized Gain on Securities		Total
Balance December 31, 2014	$	(12	)	$	2	$	(12	)	$	—	$	(22	)
Other comprehensive loss before reclassifications	(13		)	—		(7		)	—		(20		)
Amounts reclassified from accumulated other comprehensive loss	—			—		—			—		—
Net current period comprehensive loss	(13		)	—		(7		)	—		(20		)
Balance March 31, 2015	$	(25	)	$	2	$	(19	)	$	—	$	(42	)

Balance December 31, 2015	$	(34	)	$	2	$	(2	)	$	—	$	(34	)
Other comprehensive income (loss) before reclassifications	9			—		(7		)	—		2
Amounts reclassified from accumulated other comprehensive loss	—			—		—			—		—
Net current period comprehensive income (loss)	9			—		(7		)	—		2
Balance March 31, 2016	$	(25	)	$	2	$	(9	)	$	—	$	(32	)