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INCOME PER COMMON SHARE | 6 Months Ended
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Jun. 30, 2024
Earnings Per Share [Abstract] |
INCOME PER COMMON SHARE | K. 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Numerator (basic and diluted): |  |  |  |  |  |  |
Net income | $ | 258 |  |  | $ | 263 |  |  | $ | 473 |  |  | $ | 468 |
Less: Allocation to unvested restricted stock awards | — |  |  | — |  |  | — |  |  | — |
Net income attributable to common shareholders | $ | 258 |  |  | $ | 263 |  |  | $ | 473 |  |  | $ | 468 |
Denominator: |  |  |  |  |  |  |
Basic common shares (based upon weighted average) | 219 |  |  | 225 |  |  | 220 |  |  | 226 |
Add: Dilutive effect of stock options and other stock-based incentives | — |  |  | 1 |  |  | 1 |  |  | — |
Diluted common shares | 220 |  |  | 226 |  |  | 221 |  |  | 226 |
For the three and six months ended June 30, 2024 and 2023, we allocated dividends and undistributed earnings to the unvested restricted stock awards. 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 June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Number of stock options | 201 |  | 897 |  | 150 |  |  | 843 |
Number of restricted stock units | — |  |  | 113 |  | — |  |  | 202 |
Number of performance restricted stock units | — |  |  | 15 |  |  | — |  |  | 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, exclusive of excise tax, in open-market transactions or otherwise. During the six months ended June 30, 2024, we repurchased and retired approximately 4.1 million shares of our common stock (including 0.4 million shares to offset the dilutive impact of restricted stock units granted in the six months ended June 30, 2024) for approximately $292 million, inclusive of excise tax of $2 million. At June 30, 2024, we had approximately $1.4 billion remaining under the 2022 authorization. We have declared and paid cash dividends per common share of $0.290 and $0.580 for the three and six months ended June 30, 2024, respectively, and $0.285 and $0.570 for the three and six months ended June 30, 2023, respectively.

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