INCOME PER COMMON SHARE

3 Months Ended

Mar. 31, 2023

K. INCOME 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,
		2023		2022
Numerator (basic and diluted):
Net income		$	205	$	233
Less: Allocation to redeemable noncontrolling interest		—		(1)
Less: Allocation to unvested restricted stock awards		—		—
Net income attributable to common shareholders		$	205	$	234





Denominator:
Basic common shares (based upon weighted average)		226		239
Add: Stock option dilution		1		2
Diluted common shares		227		241

For the three months ended March 31, 2023 and 2022, we allocated dividends and undistributed earnings to the unvested restricted stock awards.

K. INCOME PER COMMON SHARE (Concluded)

The following stock options, restricted stock units and performance restricted stock units were excluded from the computation of weighted-average diluted common shares outstanding due to their anti-dilutive effect, in thousands:


	Three Months Ended March 31,
		2023	2022
Number of stock options		789	265
Number of restricted stock units		272	—
Number of performance restricted stock units		15	—

Effective October 20, 2022, 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 2021. We repurchased and retired approximately 1.1 million shares of our common stock in the three months ended March 31, 2023 for approximately $56 million, of which approximately $53 million was paid in cash. This included 0.1 million shares to offset the dilutive impact of restricted stock units granted in the three months ended March 31, 2023. At March 31, 2023, we had approximately $1.9 billion remaining under the 2022 authorization.

We have declared and paid cash dividends per common share of $0.285 for the three months ended March 31, 2023 and $0.280 for the three months ended March 31, 2022.