Earnings Per Common Share

6 Months Ended

Jun. 30, 2017

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 June 30,				Six Months Ended June 30,
	2017		2016		2017		2016
Numerator (basic and diluted):
Net income	$	158	$	150	$	298	$	259
Less: Allocation to unvested restricted stock awards	1		2		3		3
Net income available to common shareholders	$	157	$	148	$	295	$	256

Denominator:
Basic common shares (based upon weighted average)	315		328		316		329
Add: Stock option dilution	4		3		4		4
Diluted common shares	319		331		320		333

For the three-month and six-month periods ended June 30, 2017 and 2016, we allocated dividends and undistributed earnings to the unvested restricted stock awards.

Additionally, 397,000 and 310,000 common shares for the three-month and six-month periods ended June 30, 2017, respectively, and 380,000 and 1 million common shares for the three-month and six-month periods ended June 30, 2016, respectively, related to stock options were excluded from the computation of diluted earnings per common share due to their antidilutive effect.

In May 2017, our Board of Directors authorized the repurchase, for retirement, of up to $1.5 billion of shares of our common stock in open-market transactions or otherwise, replacing the previous Board of Directors authorization established in 2014. In the first six months of 2017, we repurchased and retired 4.0 million shares of our common stock (including 0.8 million shares to offset the dilutive impact of long-term stock awards granted in the first half of the year), for approximately $134 million. At June 30, 2017, we had $1.486 billion remaining under the 2017 authorization.

On the basis of amounts paid (declared), cash dividends per common share were $0.100 ($0.100) and $0.200 ($0.200) for the three-month and six-month periods ended June 30, 2017, respectively, and $0.095 ($0.095) and $0.190 ($0.190) for the three-month and six-month periods ended June 30, 2016, respectively.