Income Per Common Share

3 Months Ended

Mar. 31, 2021

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,
		2021		2020
Numerator (basic and diluted):
Income from continuing operations		$	94	$	133
Less: Allocation to redeemable noncontrolling interest		6		—
Less: Allocation to unvested restricted stock awards		—		1
Income from continuing operations attributable to common shareholders		88		132

Income from discontinued operations, net		—		397
Less: Allocation to unvested restricted stock awards		—		3
Income from discontinued operations, net attributable to common shareholders		—		394

Net income attributable to common shareholders		$	88	$	526

Denominator:
Basic common shares (based upon weighted average)		256		273
Add: Stock option dilution		1		1
Diluted common shares		257		274

For the three-month period ended March 31, 2021, we allocated undistributed earnings to the unvested restricted stock awards. For the three-month period ended March 31, 2020, we allocated dividends and undistributed earnings to the unvested restricted stock awards.

Additionally, 188,000 and 582,000 common shares for the three-month periods ended March 31, 2021 and 2020, respectively, related to stock options, and 7,000 restricted stock units for the three-month period ended March 31, 2020 were excluded from the computation of diluted income per common share due to their antidilutive effect.

Effective February 10, 2021, 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 2019. In the first three months of 2021, we repurchased and retired 5.5 million shares of our common stock (including 0.6 million shares to offset the dilutive impact of restricted stock units granted in the first three months of the year), for approximately $303 million. At March 31, 2021, we had $1.9 billion remaining under the 2021 authorization.

On the basis of amounts paid (declared), cash dividends per common share were $0.140 for the three-month period ended March 31, 2021 and $0.135 ($0.135) for the three-month period ended March 31, 2020, respectively.