Income Per Common Share

9 Months Ended

Sep. 30, 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 September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Numerator (basic and diluted):
Income from continuing operations	$	275	$	163	$	618	$	481
Less: Allocation to unvested restricted stock awards	1		1		5		3
Income from continuing operations attributable to common shareholders	274		162		613		478

(Loss) income from discontinued operations, net	—		(37)		411		1
Less: Allocation to unvested restricted stock awards	—		—		3		—
(Loss) income from discontinued operations, net attributable to common shareholders	—		(37)		408		1

Net income attributable to common shareholders	$	274	$	125	$	1,021	$	479

Denominator:
Basic common shares (based upon weighted average)	261		286		265		289
Add: Stock option dilution	—		1		1		1
Diluted common shares	261		287		266		290

For the three-month and nine-month periods ended September 30, 2020 and 2019, we allocated dividends and undistributed earnings to the unvested restricted stock awards.

Additionally, 106,000 and 685,000 common shares for the three-month and nine-month periods ended September 30, 2020, respectively, and 855,000 and 1.2 million common shares for the three-month and nine-month periods ended September 30, 2019, respectively, related to stock options, and 20,000 common shares related to performance restricted stock units for the three-month and nine-month periods ended September 30, 2019 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 the first nine months of 2020, we repurchased and retired 16.5 million shares of our common stock for approximately $602 million. This included 0.4 million shares to offset the dilutive impact of restricted stock units granted in the first nine months of the year as well as 1.2 million shares received at no additional cost from the settlement of the accelerated stock repurchase transaction initiated in November 2019. At September 30, 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 ($0.140) and $0.405 ($0.410) for the three-month and nine-month periods ended September 30, 2020, respectively, and $0.120 ($0.135) and $0.360 ($0.375) for the three-month and nine-month periods ended September 30, 2019, respectively.