INCOME PER COMMON SHARE

3 Months Ended

Mar. 31, 2022

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,
		2022		2021
Numerator (basic and diluted):
Net income		$	233	$	94
Less: Allocation to redeemable noncontrolling interest		(1)		6
Less: Allocation to unvested restricted stock awards		—		—






Net income attributable to common shareholders		$	234	$	88

Denominator:
Basic common shares (based upon weighted average)		239		256
Add: Stock option dilution		2		1
Diluted common shares		241		257

For the three-month period ended March 31, 2022, we allocated dividends and undistributed earnings to the unvested restricted stock awards. For the three-month period ended March 31, 2021, we allocated undistributed earnings to the unvested restricted stock awards.

Additionally, 265,000 and 188,000 common shares for the three-month periods ended March 31, 2022 and 2021, respectively, related to stock options 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. We repurchased and retired 6.1 million shares of our common stock in the three-month period ended March 31, 2022 for approximately $364 million. This included 0.6 million shares to offset the dilutive impact of restricted stock units granted in the three-month period ended March 31, 2022. At March 31, 2022, we had $764 million remaining under the 2021 authorization.

On the basis of amounts paid (declared), cash dividends per common share were $0.280 ($0.280) for the three-month period ended March 31, 2022 and $0.140 for the three-month period ended March 31, 2021, respectively.