SHAREHOLDERS’ EQUITY AND NET INCOME PER SHARE

Net Income Per Share

Basic net income per share is computed by dividing net income attributable to Delphi by the weighted average number of ordinary shares outstanding during the period. Diluted net income per share reflects the weighted average dilutive impact of all potentially dilutive securities from the date of issuance and is computed using the treasury stock method by dividing net income attributable to Delphi by the diluted weighted average number of ordinary shares outstanding. For all periods presented, the calculation of net income per share contemplates the dilutive impacts, if any, of the Company’s share-based compensation plans. Refer to Note 18. Share-Based Compensation for additional information.

Weighted Average Shares

The following table illustrates net income per share attributable to Delphi and the weighted average shares outstanding used in calculating basic and diluted income per share:



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014

	(in millions, except per share data)
Numerator:
Income from continuing operations	$	350	$	360	$	638	$	670
Income from discontinued operations	295		22		216		32
Net income attributable to Delphi	$	645	$	382	$	854	$	702
Denominator:
Weighted average ordinary shares outstanding, basic	287.77		302.68		289.33		304.26
Dilutive shares related to restricted stock units ("RSUs")	1.08		1.06		0.99		1.04
Weighted average ordinary shares outstanding, including dilutive shares	288.85		303.74		290.32		305.30

Basic net income per share:
Continuing operations	$	1.22	$	1.19	$	2.21	$	2.20
Discontinued operations	1.02		0.07		0.74		0.11
Basic net income per share attributable to Delphi	$	2.24	$	1.26	$	2.95	$	2.31
Diluted net income per share:
Continuing operations	$	1.21	$	1.19	$	2.20	$	2.19
Discontinued operations	1.02		0.07		0.74		0.11
Diluted net income per share attributable to Delphi	$	2.23	$	1.26	$	2.94	$	2.30
Anti-dilutive securities share impact	—		—		—		—

Share Repurchase Program

In January 2015, the Board of Directors authorized a share repurchase program of up to $1.5 billion of ordinary shares, which commenced in March 2015 following the completion of the Company's $1 billion January 2014 share repurchase program. This share repurchase program provides for share purchases in the open market or in privately negotiated transactions, depending on share price, market conditions and other factors, as determined by the Company.

A summary of the ordinary shares repurchased during the three and six months ended June 30, 2015 and 2014 is as follows:



	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Total number of shares repurchased	3,649,419		3,267,998		6,882,565		5,644,389
Average price paid per share	$	85.72	$	67.43	$	80.30	$	66.89
Total (in millions)	$	313	$	220	$	553	$	378

As of June 30, 2015, approximately $1,113 million of share repurchases remained available under the January 2015 share repurchase program. During the period from July 1, 2015 to July 29, 2015, the Company repurchased an additional $125 million worth of shares pursuant to a trading plan with set trading instructions established by the Company. As a result, approximately $988 million of share repurchases remain available under the January 2015 share repurchase program. All repurchased shares were retired, and are reflected as a reduction of ordinary share capital for the par value of the shares, with the excess applied as reductions to additional paid-in capital and retained earnings.

Dividends

On February 26, 2013, the Board of Directors approved the initiation of dividend payments on the Company's ordinary shares. In January 2014, the Board of Directors increased the annual dividend rate from $0.68 to $1.00 per ordinary share. The Company has declared and paid cash dividends per ordinary share during the periods presented as follows:



	Dividend		Amount
	Per Share		(in millions)
2015:
Second quarter	$	0.25	$	72
First quarter	0.25		73
Total	$	0.50	$	145
2014:
Fourth quarter	$	0.25	$	73
Third quarter	0.25		75
Second quarter	0.25		76
First quarter	0.25		77
Total	$	1.00	$	301

Other

Prior to the completion of the initial public offering on November 22, 2011, net income and other changes to membership interests were allocated to the respective outstanding classes based on the cumulative distribution provisions of the Fourth LLP Agreement.

Under the terms of the Fourth LLP Agreement, if cumulative distributions to the members of Delphi Automotive LLP under certain provisions of the Fourth LLP Agreement exceed $7.2 billion, Delphi, as disbursing agent on behalf of DPHH, is required to pay to the holders of allowed general unsecured claims against DPHH $32.50 for every $67.50 in excess of $7.2 billion distributed to the members, up to a maximum amount of $300 million. This contingency is not considered probable of occurring as of June 30, 2015 and accordingly, no reserve has been recorded. Refer to Note 10. Commitments and Contingencies for additional information.