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Earnings Per Common Share
 3 Months Ended
Mar. 31, 2015
Earnings Per Common Share  
Earnings Per Common Share

 

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

 

 

 

March 31,

 

 

 

2015

 

2014

 

Numerator (basic and diluted):

 

 

 

 

 

Income from continuing operations

 

$
64

 

$
76

 

Less: Allocation to unvested restricted stock awards

 
1

 
1

 

Income from continuing operations available to common shareholders

 

$
63

 

$
75

 

 

 

 

 

 

 

Loss from discontinued operations

 

—

 
(2

)

Less: Allocation to unvested restricted stock awards

 

—

 

—

 

Loss from discontinued operations available to common shareholders

 

—

 
(2

)

 

 

 

 

 

 

Net income available to common shareholders

 

$
63

 

$
73

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

Basic common shares (based upon weighted average)

 
344

 
351

 

Add: Stock option dilution

 
3

 
3

 

Diluted common shares

 
347

 
354

 

 

For the three months ended March 31, 2015 and 2014, we allocated dividends and undistributed earnings to the unvested restricted stock awards (participating securities).

 

Additionally, 8 million and 11 million common shares for the three months ended March 31, 2015 and 2014, respectively, related to stock options were excluded from the computation of diluted earnings per common share due to their antidilutive effect.

 

In the first three months of 2015, we repurchased and retired 4.1 million shares of our common stock (including 675 thousand shares to offset the dilutive impact of long-term stock awards granted in the first quarter), for approximately $106 million, including $3 million that was cash settled in April 2015. At March 31, 2015, we had 40.9 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 $.09 ($.09) and $.075 ($.075) for the three months ended March 31, 2015 and 2014, respectively.