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Income Per Common Share
 9 Months Ended
Sep. 30, 2019
Earnings Per Share [Abstract]  
Income Per Common Share 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 September 30,
 
Nine Months Ended September 30,
 
2019
 
2018
 
2019
 
2018
Numerator (basic and diluted):
 

 
 

 
 

 
 

Income from continuing operations
$
184

 
$
170

 
$
546

 
$
517

Less: Allocation to unvested restricted stock awards
1

 
1

 
4

 
5

Income from continuing operations attributable to common shareholders
183

 
169

 
542

 
512

 
 
 
 
 
 
 
 
(Loss) income from discontinued operations, net
(58
)
 
10

 
(64
)
 
23

Less: Allocation to unvested restricted stock awards
—

 
—

 
—

 
—

(Loss) income from discontinued operations attributable to common shareholders
(58
)
 
10

 
(64
)
 
23

 
 
 
 
 
 
 
 
Net income available to common shareholders
$
125

 
$
179

 
$
478

 
$
535

 
 
 
 
 
 
 
 
Denominator:
 

 
 

 
 

 
 

Basic common shares (based upon weighted average)
286

 
304

 
289

 
307

Add: Stock option dilution
1

 
2

 
1

 
2

Diluted common shares
287

 
306

 
290

 
309


 
For the three-month and nine-month periods ended September 30, 2019 and 2018, we allocated dividends and undistributed earnings to the unvested restricted stock awards.
 
Additionally, 855,000 and 1.2 million common shares for the three-month and nine-month periods ended September 30, 2019, respectively, and 668,000 and 627,000 common shares for the three-month and nine-month periods ended September 30, 2018, respectively, related to stock options and 20,000 common shares related to restricted stock units for the three-month and nine-month periods ended September 30, 2019 were excluded from the computation of diluted income per common share due to their antidilutive effect.




O. INCOME PER COMMON SHARE (Concluded)

In September 2019, our Board of Directors authorized the repurchase, for retirement, of up to $2.0 billion of shares of our common stock in open-market transactions or otherwise, replacing the previous Board of Directors authorization established in 2017. In the first nine months of 2019, we repurchased and retired 11.5 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 nine months of the year), for approximately $440 million. At September 30, 2019, we had $1.96 billion remaining under the 2019 authorization.

On the basis of amounts paid (declared), cash dividends per common share were $0.120 ($0.135) and $0.360 ($0.375) for the three-month and nine-month periods ended September 30, 2019, respectively, and $0.105 ($0.120) and $0.315 ($0.330) for the three-month and nine-month periods ended September 30, 2018, respectively.