Earnings Per Share and Shareholders’ Equity (Deficit)

Earnings Per Share

Earnings per basic share is computed based on the weighted-average number of outstanding common shares. Earnings per diluted share include the weighted-average effect of dilutive options and restricted stock on the weighted-average shares outstanding.

The following table provides shares utilized for the calculation of basic and diluted earnings per share during the first quarter of 2018 and 2017:



	First Quarter
	2018		2017
	(in millions)
Weighted-average Common Shares:
Issued Shares	283		316
Treasury Shares	(4	)	(30	)
Basic Shares	279		286
Effect of Dilutive Options and Restricted Stock	3		3
Diluted Shares	282		289
Anti-dilutive Options and Awards (a)	5		5

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(a)	These options and awards were excluded from the calculation of diluted earnings per share because their inclusion would have been anti-dilutive.

Shareholders’ Equity (Deficit)

Common Stock Share Repurchases

Under the authority of the Company’s Board of Directors, the Company repurchased shares of its common stock under the following repurchase programs during the first quarter of 2018 and 2017:



	Amount Authorized		Shares Repurchased		Amount Repurchased				Average Stock Price of Shares Repurchased within Program
Repurchase Program	Amount Authorized		2018	2017	2018		2017		2018		2017
	(in millions)		(in thousands)		(in millions)
March 2018	$	250	1,563	NA	$	58	NA		$	36.93	NA
September 2017	250		527	NA	25		NA		$	46.98	NA
February 2017	250		NA	1,570	NA		$	80	NA		$	50.92
February 2016	500		NA	51	NA		3		NA		$	58.95
Total			2,090	1,621	$	83	$	83

In March 2018, the Company's Board of Directors approved a new $250 million share repurchase program, which included the $23 million remaining under the September 2017 repurchase program.

In September 2017, the Company's Board of Directors approved a $250 million share repurchase program, which included the $10 million remaining under the February 2017 repurchase program.

In February 2017, the Company's Board of Directors approved a $250 million share repurchase program, which included the $59 million remaining under the February 2016 repurchase program.

In February 2016, the Company's Board of Directors approved a $500 million share repurchase program, which included the $17 million remaining under the June 2015 repurchase program.

The March 2018 repurchase program had $192 million remaining as of May 5, 2018. Subsequent to May 5, 2018, the Company repurchased an additional 1.2 million shares of common stock for $42 million under this program.

There were $4 million, $2 million and $1 million of share repurchases reflected in Accounts Payable on the May 5, 2018, February 3, 2018 and April 29, 2017 Consolidated Balance Sheets, respectively.

Dividends

Under the authority and declaration of the Board of Directors, the Company paid the following dividends during the first quarter of 2018 and 2017:



	Ordinary Dividends		Total Paid
	(per share)		(in millions)
2018
First Quarter	$	0.60	$	168
2017
First Quarter	$	0.60	$	172