Earnings Per Common Share

6 Months Ended

Jun. 30, 2015

P. EARNINGS PER COMMON SHARE

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

	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2015			2014		2015			2014
Numerator (basic and diluted):
Income from continuing operations	$	109		$	124	$	170		$	202
Less: Allocation to unvested restricted stock awards	1			2		2			4

Income from continuing operations attributable to common shareholders	108			122		168			198

(Loss) gain from discontinued operations, net	(4		)	15		(1		)	11
Less: Allocation to unvested restricted stock awards	—			—		—			—

(Loss) gain from discontinued operations attributable to common shareholders	(4		)	15		(1		)	11

Net income available to common shareholders	$	104		$	137	$	167		$	209


Denominator:
Basic common shares (based upon weighted average)	340			349		342			350
Add: Stock option dilution	4			3		4			3
Diluted common shares	344			352		346			353

For the three months and six months ended June 30, 2015 and 2014, we allocated dividends and undistributed earnings to the unvested restricted stock awards (participating securities).

Additionally, 6 million and 9 million common shares for the three months and six months ended June 30, 2015, respectively and 11 million common shares for both the three months and six months ended June 30, 2014 related to stock options were excluded from the computation of diluted earnings per common share due to their antidilutive effect.

In the first six months of 2015, we repurchased and retired 7.9 million shares of our common stock (including 720 thousand shares to offset the dilutive impact of long-term stock awards granted in the first quarter), for approximately $207 million. At June 30, 2015, we had 37.1 million shares of our common stock remaining under the September 2014 Board of Directors’ repurchase authorization.

On the basis of amounts paid (declared), cash dividends per common share were $.090 ($.090) and $.180 ($.180) for the three months and six months ended June 30, 2015, respectively, and $.075 ($.090) and $.15 ($.165) for the three months and six months ended June 30, 2014, respectively.