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INCOME PER COMMON SHARE
 3 Months Ended
Mar. 31, 2025
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 March 31,
 20252024
Numerator (basic and diluted):
Net income$186 $215 
Less: Allocation to unvested restricted stock awards— — 
Net income attributable to common shareholders$186 $215 
Denominator:
Basic common shares (based upon weighted average)212 221 
Add: Dilutive effect of stock options and other stock-based incentives— 1 
Diluted common shares213 221 
For the three months ended March 31, 2025, basic and diluted income per common share were calculated using the treasury stock method. For the three months ended March 31, 2024, 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 March 31,
 20252024
Number of stock options 159 109 
Number of restricted stock units 82 — 
Number of performance restricted stock units 47 — 
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 three months ended March 31, 2025, we repurchased and retired approximately 1.8 million shares of our common stock (including 0.3 million shares to offset the dilutive impact of restricted stock units granted in the three months ended March 31, 2025) for approximately $131 million, inclusive of excise tax of $1 million. At March 31, 2025, we had approximately $766 million remaining under the 2022 authorization.
We have declared and paid cash dividends per common share of $0.31 and $0.29 for the three months ended March 31, 2025 and 2024, respectively.