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INCOME PER COMMON SHARE
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
 2025202420252024
Numerator (basic and diluted):
Net income$270 $258 $456 $473 
Less: Allocation to unvested restricted stock awards— — — — 
Net income attributable to common shareholders$270 $258 $456 $473 
Denominator:
Basic common shares (based upon weighted average)210 219 211 220 
Add: Dilutive effect of stock options and other stock-based incentives— — — 1 
Diluted common shares211 220 212 221 
For the three and six months ended June 30, 2025, basic and diluted income per common share were calculated using the treasury stock method. For the three and six months ended June 30, 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 June 30,Six Months Ended June 30,
 2025202420252024
Number of stock options 403 201 355 150 
Number of restricted stock units 295 — 120 — 
Number of performance restricted stock units 47 — 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 six months ended June 30, 2025, we repurchased and retired approximately 3.4 million shares of our common stock (including 0.3 million shares to offset the dilutive impact of restricted stock units granted in the six months ended June 30, 2025) for approximately $233 million, inclusive of excise tax of $2 million. At June 30, 2025, we had approximately $666 million remaining under the 2022 authorization.
K. INCOME PER COMMON SHARE (Concluded)
We have declared and paid cash dividends per common share of $0.31 and $0.62 for the three and six months ended June 30, 2025, respectively, and $0.29 and $0.58 for the three and six months ended June 30, 2024, respectively.