INCOME PER COMMON SHARE

9 Months Ended

Sep. 30, 2023

L. 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,
	2023		2022		2023		2022
Numerator (basic and diluted):
Net income	$	249	$	218	$	717	$	729
Less: Allocation to redeemable noncontrolling interest	—		(2)		—		(2)
Less: Allocation to unvested restricted stock awards	—		—		—		3
Net income attributable to common shareholders	$	249	$	220	$	717	$	728





Denominator:
Basic common shares (based upon weighted average)	225		226		225		232
Add: Stock option dilution	1		1		1		1
Diluted common shares	226		227		226		233

For the three and nine months ended September 30, 2023 and 2022, we allocated dividends and undistributed earnings to the unvested restricted stock awards.

The following stock options, restricted stock units and performance 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,
	2023	2022	2023	2022
Number of stock options	392	670	861	623
Number of restricted stock units	8	4	4	22
Number of performance restricted stock units	15	—	15	—

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. We repurchased and retired approximately 2.4 million shares of our common stock in the nine months ended September 30, 2023 for approximately $126 million. This included 0.2 million shares to offset the dilutive impact of restricted stock units granted in the nine months ended September 30, 2023. At September 30, 2023, we had approximately $1.9 billion remaining under the 2022 authorization.

We have declared and paid cash dividends per common share of $0.285 and $0.855 for the three and nine months ended September 30, 2023, respectively, and $0.280 and $0.840 for the three and nine months ended September 30, 2022, respectively.