INCOME (LOSS) PER COMMON SHARE

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

(Loss) Income Per Common Share

INCOME (LOSS) PER COMMON SHARE

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

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator (basic and diluted):
Net income (loss)	$	278	$	(36)	$	511	$	58
Less: Allocation to redeemable noncontrolling interest	1		—		—		6
Less: Allocation to unvested restricted stock awards	1		—		2		—
Net income (loss) attributable to common shareholders	$	276	$	(36)	$	509	$	52
Denominator:
Basic common shares (based upon weighted average)	231		252		235		254
Add: Stock option dilution	2		—		2		2
Diluted common shares	233		252		237		256

For the three and six months ended June 30, 2022, we allocated dividends and undistributed earnings to the unvested restricted stock awards. For the three and six months ended June 30, 2021, we allocated dividends to the unvested restricted stock awards.

The following stock options and restricted stock units were excluded from the computation of weighted-average diluted common shares outstanding due to their anti-dilutive effect, in thousands:

	Three Months Ended June 30,		Six Months Ended June 30,
	2022	2021	2022	2021
Number of stock options	670	2,802	599	260
Number of restricted stock units	249	464	17	1

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. In May 2022, we entered into an accelerated stock repurchase transaction whereby we agreed to repurchase a total of $500 million of our common stock with an initial delivery of approximately 7.9 million shares. This transaction was completed on June 28, 2022, at which time we received, at no additional cost, approximately 1.6 million additional shares of our common stock resulting from changes in the volume weighted average stock price of our common stock over the term of the transaction, less a discount. In total, we repurchased and retired approximately 16.6 million shares of our common stock in the six months ended June 30, 2022 for approximately $914 million. This included 0.6 million shares to offset the dilutive impact of restricted stock units granted in the six months ended June 30, 2022. At June 30, 2022, we had $214 million remaining under the 2021 authorization.

On the basis of amounts paid (declared), cash dividends per common share were $0.280 ($0.280) and $0.560 ($0.560) for the three and six months ended June 30, 2022, respectively, and $0.235 ($0.235) and $0.375 ($0.235) for the three and six months ended June 30, 2021, respectively.