Income Per Common Share

3 Months Ended

Mar. 31, 2020

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 March 31,
	2020		2019
Numerator (basic and diluted):
Income from continuing operations	$	133	$	107
Less: Allocation to unvested restricted stock awards	1		1
Income from continuing operations attributable to common shareholders	132		106

Income from discontinued operations, net	397		9
Less: Allocation to unvested restricted stock awards	3		—
Income from discontinued operations, net attributable to common shareholders	394		9

Net income attributable to common shareholders	$	526	$	115

Denominator:
Basic common shares (based upon weighted average)	273		293
Add: Stock option dilution	1		1
Diluted common shares	274		294

For the three-month period ended March 31, 2020 and 2019, we allocated dividends and undistributed earnings to the unvested restricted stock awards.

Additionally, 582,000 and 1.1 million common shares for the three-month periods ended March 31, 2020 and 2019, respectively, related to stock options, 20,000 common shares related to performance restricted stock units for the three-month period ended March 31, 2019, and 7,000 restricted stock units for the three-month period ended March 31, 2020 were excluded from the computation of diluted income per common share due to their antidilutive effect.

In September 2019, our Board of Directors authorized the repurchase, for retirement, of up to $2.0 billion of shares of our common stock in open-market transactions or otherwise. In March 2020, we agreed to repurchase a total of $350 million of shares of our common stock with an immediate delivery of 7.3 million shares under an accelerated stock repurchase transaction. This transaction will be completed no later than May 8, 2020, at which time we anticipate receiving, at no additional cost, approximately 2.3 million shares of our common stock resulting from expected changes in the volume weighted average stock price of our common shares over the term of the transaction. In total, excluding any incremental shares we will receive from the accelerated stock repurchase transaction, we repurchased and retired 14.2 million shares of our common stock in the first three months of 2020 for approximately $602 million. This included 0.4 million shares to offset the dilutive impact of restricted stock units granted in the first three months of the year as well as 1.2 million shares received at no additional cost from the settlement of the accelerated stock repurchase initiated in November 2019. At March 31, 2020, we had $900 million remaining under the 2019 repurchase authorization.

On the basis of amounts paid (declared), cash dividends per common share were $0.135 ($0.135) and $0.120 ($0.120) for the three-month periods ended March 31, 2020 and 2019, respectively.