Income Per Common Share

9 Months Ended

Sep. 30, 2021

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,
	2021		2020		2021		2020
Numerator (basic and diluted):
Income from continuing operations	$	220	$	275	$	278	$	618
Less: Allocation to redeemable noncontrolling interest	—		—		6		—
Less: Allocation to unvested restricted stock awards	1		1		1		5
Income from continuing operations attributable to common shareholders	219		274		271		613

Income from discontinued operations, net	—		—		—		411
Less: Allocation to unvested restricted stock awards	—		—		—		3
Income from discontinued operations, net attributable to common shareholders	—		—		—		408

Net income attributable to common shareholders	$	219	$	274	$	271	$	1,021

Denominator:
Basic common shares (based upon weighted average)	246		261		251		265
Add: Stock option dilution	1		—		2		1
Diluted common shares	247		261		253		266

For the three and nine months ended September 30, 2021 and 2020, we allocated dividends and undistributed earnings to the unvested restricted stock awards.

Additionally, 70,000 and 285,000 common shares for the three and nine months ended September 30, 2021, respectively, and 106,000 and 685,000 common shares for the three and nine months ended September 30, 2020, respectively, related to stock options were excluded from the computation of diluted income per common share due to their antidilutive effect.

Effective February 10, 2021, 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, replacing the previous Board of Directors authorization established in 2019. We repurchased and retired 15.2 million shares of our common stock in the nine months ended September 30, 2021 for approximately $878 million. This included 0.7 million shares to offset the dilutive impact of restricted stock units granted in the nine months ended September 30, 2021. At September 30, 2021, we had $1.3 billion remaining under the 2021 authorization.

On the basis of amounts paid (declared), cash dividends per common share were $0.235 ($0.235) and $0.610 ($0.470) for the three and nine months ended September 30, 2021, respectively, and $0.135 ($0.140) and $0.405 ($0.410) for the three and nine months ended September 30, 2020, respectively.