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Earnings Per Common Share | 3 Months Ended
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Mar. 31, 2017
Earnings Per Share [Abstract] |
Earnings Per Common Share | 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,
| 2017 |  | 2016
Numerator (basic and diluted): |  |  |  |  |
Net income | $ | 140 |  |  | $ | 109 |
Less: Allocation to unvested restricted stock awards | 1 |  |  | 1 |
Net income available to common shareholders | $ | 139 |  |  | $ | 108 |
Denominator: |  |  |  |  |
Basic common shares (based upon weighted average) | 317 |  |  | 330 |
Add: Stock option dilution | 4 |  |  | 3 |
Diluted common shares | 321 |  |  | 333 |
For the three-month periods ended March 31, 2017 and 2016, we allocated dividends and undistributed earnings to the unvested restricted stock awards. Additionally, 221,000 and 1 million common shares for the three-month periods ended March 31, 2017 and 2016, respectively, related to stock options were excluded from the computation of diluted earnings per common share due to their antidilutive effect. On September 30, 2014, we announced that our Board of Directors authorized the repurchase of up to 50 million shares for retirement of our common stock in open-market transactions or otherwise. In the first three months of 2017, we repurchased and retired 2.8 million shares of our common stock (including 0.8 million shares to offset the dilutive impact of long-term stock awards granted in the first quarter), for approximately $92 million, of which $87 million was paid in cash during the first three months of 2017. At March 31, 2017, we had 10.1 million shares remaining under the authorization. On the basis of amounts paid (declared), cash dividends per common share were $0.100 ($0.100) and $0.095 ($0.095) for the three-month periods ended March 31, 2017 and 2016, respectively.

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