Earnings Per Common Share

3 Months Ended

Mar. 31, 2016

EARNINGS PER COMMON SHARE

Reconciliations of the numerators and denominators used in the computations of basic and diluted earnings per common share were as follows, in millions:



	Three Months Ended March 31,
	2016		2015
Numerator (basic and diluted):
Income from continuing operations	$	109	$	61
Less: Allocation to unvested restricted stock awards	1		1
Income from continuing operations attributable to common shareholders	108		60

Income from discontinued operations, net	—		3
Less: Allocation to unvested restricted stock awards	—		—
Income from discontinued operations attributable to common shareholders	—		3

Net income available to common shareholders	$	108	$	63

Denominator:
Basic common shares (based upon weighted average)	330		344
Add: Stock option dilution	3		3
Diluted common shares	333		347

For the three months ended March 31, 2016 and 2015, we allocated dividends and undistributed earnings to the unvested restricted stock awards.

Additionally, 1 million and 8 million common shares for the three months ended March 31, 2016 and 2015, respectively, related to stock options were excluded from the computation of diluted earnings per common share due to their antidilutive effect.

On September 30, 2014, we announced that our Board of Directors authorized the repurchase of up to 50 million shares for retirement of our common stock in open-market transactions or otherwise, replacing the previous Board of Directors authorization established in 2007. In the first three months of 2016, we repurchased and retired 3.2 million shares of our common stock (including 1.0 million shares to offset the dilutive impact of long-term stock awards granted in the first quarter), for approximately $86 million. At March 31, 2016, we had 24.6 million shares remaining under the authorization.

On the basis of amounts paid (declared), cash dividends per common share were $0.095 ($0.095) and $0.090 ($0.090) for the three months ended March 31, 2016 and 2015, respectively.