Income Per Common Share

3 Months Ended

Mar. 31, 2019

INCOME PER COMMON SHARE

Reconciliations of the numerators and denominators used in the computations of basic and diluted income per common share were as follows, in millions:



	Three Months Ended March 31,
	2019		2018
Numerator (basic and diluted):
Net income	$	116	$	149
Less: Allocation to unvested restricted stock awards	1		1
Net income available to common shareholders	$	115	$	148

Denominator:
Basic common shares (based upon weighted average)	293		310
Add: Stock option dilution	1		3
Diluted common shares	294		313

For the three-month periods ended March 31, 2019 and 2018, we allocated dividends and undistributed earnings to the unvested restricted stock awards.

Additionally, 1.1 million and 431,000 common shares for the three-month periods ended March 31, 2019 and 2018, respectively, related to stock options and 20,000 common shares related to restricted stock units for the three-month period ended March 31, 2019 were excluded from the computation of diluted income per common share due to their antidilutive effect.

In May 2017, our Board of Directors authorized the repurchase, for retirement, of up to $1.5 billion of shares of our common stock in open-market transactions or otherwise. In the first three months of 2019, we repurchased and retired 3.5 million shares of our common stock (including 0.6 million shares to offset the dilutive impact of long-term stock awards granted in the first three months of the year), for approximately $122 million, of which $116 million was paid in cash in the first three months of 2019. At March 31, 2019, we had $513 million remaining under the 2017 authorization.

On the basis of amounts paid (declared), cash dividends per common share were $0.120 ($0.120) and $0.105 ($0.105) for the three-month periods ended March 31, 2019 and 2018, respectively.