INCOME PER COMMON SHARE

9 Months Ended

Sep. 30, 2022

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,
	2022		2021		2022		2021
Numerator (basic and diluted):
Net income	$	218	$	220	$	729	$	278
Less: Allocation to redeemable noncontrolling interest	(2)		—		(2)		6
Less: Allocation to unvested restricted stock awards	—		1		3		1
Net income attributable to common shareholders	$	220	$	219	$	728	$	271

Denominator:
Basic common shares (based upon weighted average)	226		246		232		251
Add: Stock option dilution	1		1		1		2
Diluted common shares	227		247		233		253

For the three and nine months ended September 30, 2022 and 2021, we allocated dividends and undistributed earnings 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 September 30,		Nine Months Ended September 30,
	2022	2021	2022	2021
Number of stock options	670	70	623	285
Number of restricted stock units	4	—	22	—

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. We repurchased and retired approximately 16.6 million shares of our common stock in the nine months ended September 30, 2022 for approximately $914 million. This included 0.6 million shares to offset the dilutive impact of restricted stock units granted in the nine months ended September 30, 2022. At September 30, 2022, we had $214 million remaining under the 2021 authorization. Effective October 20, 2022, 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 2021.

On the basis of amounts paid (declared), cash dividends per common share were $0.280 ($0.280) and $0.840 ($0.840) for the three and nine months ended September 30, 2022, respectively, and $0.235 ($0.235) and $0.610 ($0.470) for the three and nine months ended September 30, 2021, respectively.