Income Per Common Share

6 Months Ended

Jun. 30, 2019

INCOME PER COMMON SHARE

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



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Numerator (basic and diluted):
Net income	$	240	$	211	$	356	$	360
Less: Allocation to unvested restricted stock awards	2		1		2		3
Net income available to common shareholders	$	238	$	210	$	354	$	357

Denominator:
Basic common shares (based upon weighted average)	289		306		291		308
Add: Stock option dilution	1		3		1		3
Diluted common shares	290		309		292		311

For the three-month and six-month periods ended June 30, 2019 and 2018, we allocated dividends and undistributed earnings to the unvested restricted stock awards.

Additionally, 1.3 million and 1.2 million common shares for the three-month and six-month periods ended June 30, 2019, respectively, and 675,000 and 606,000 common shares for the three-month and six-month periods ended June 30, 2018, respectively, related to stock options and 20,000 common shares related to restricted stock units for the three-month and six-month periods ended June 30, 2019 were excluded from the computation of diluted income 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. In the first six months of 2019, we repurchased and retired 7.7 million shares of our common stock (including 0.6 million shares to offset the dilutive impact of long-term stock awards granted in the first half of the year), for approximately $289 million. At June 30, 2019, we had $347 million remaining under the 2017 authorization.

On the basis of amounts paid (declared), cash dividends per common share were $0.120 ($0.120) and $0.240 ($0.240) for the three-month and six-month periods ended June 30, 2019, respectively, and $0.105 ($0.105) and $0.210 ($0.210) for the three-month and six-month periods ended June 30, 2018, respectively.