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EARNINGS PER SHARE
 9 Months Ended
Sep. 30, 2023
Earnings Per Share [Abstract]  
EARNINGS PER SHARE

NOTE 6. EARNINGS PER SHARE

The following table represents the calculation of earnings per common share – basic and diluted:

 

 

Third Quarter

 

 

Year-to-Date

 

(In millions, except per share amounts)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Basic Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

70

 

 

$

67

 

 

$

176

 

 

$

142

 

Income from discontinued operations, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7

 

Net income

 

$

70

 

 

$

67

 

 

$

176

 

 

$

149

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding

 

 

38

 

 

 

48

 

 

 

39

 

 

 

49

 

Basic earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.83

 

 

$

1.39

 

 

$

4.52

 

 

$

2.92

 

Discontinued operations

 

 

—

 

 

 

(0.01

)

 

 

—

 

 

 

0.14

 

Net basic earnings per share

 

$

1.83

 

 

$

1.38

 

 

$

4.52

 

 

$

3.06

 

Diluted Earnings Per Share

 

 

 

 

 

 

 

 

 

 

 

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Net income from continuing operations

 

$

70

 

 

$

67

 

 

$

176

 

 

$

142

 

Income from discontinued operations, net of tax

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7

 

Net income

 

$

70

 

 

$

67

 

 

$

176

 

 

$

149

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average shares outstanding

 

 

38

 

 

 

48

 

 

 

39

 

 

 

49

 

Effect of dilutive securities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock options and restricted stock

 

 

1

 

 

 

1

 

 

 

1

 

 

 

1

 

Diluted weighted-average shares outstanding

 

 

39

 

 

 

49

 

 

 

40

 

 

 

50

 

Diluted earnings per share

 

 

 

 

 

 

 

 

 

 

 

 

Continuing operations

 

$

1.79

 

 

$

1.36

 

 

$

4.38

 

 

$

2.84

 

Discontinued operations

 

 

—

 

 

 

(0.01

)

 

 

—

 

 

 

0.13

 

Net diluted earnings per share

 

$

1.79

 

 

$

1.35

 

 

$

4.38

 

 

$

2.97

 

Awards of stock options and nonvested shares representing additional shares of outstanding common stock were less than one million in both the third quarter and year-to-date 2023, respectively, and one million and less than one million in the third quarter and year-to-date 2022, respectively, but they were not included in the computation of diluted weighted-average shares outstanding because their effect would have been antidilutive.