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EARNINGS AND DIVIDENDS PER SHARE
 3 Months Ended
Mar. 31, 2016
Earnings Per Share [Abstract]  
EARNINGS AND DIVIDENDS PER SHARE
EARNINGS AND DIVIDENDS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share ("EPS"):
 
First Quarter
(In millions, except per share amounts)
2016
 
2015
Numerator
 
 
 
Earnings attributable to Eastman:
 
 
 
Earnings, net of tax
$
251

 
$
171

 
 
 
 
Denominator
 
 
 
Weighted average shares used for basic EPS
147.8

 
148.7

Dilutive effect of stock options and other awards
1.0

 
1.0

Weighted average shares used for diluted EPS
148.8

 
149.7

 
 
 
 
EPS (1)
 
 
 
Basic
$
1.70

 
$
1.15

Diluted
$
1.69

 
$
1.14



(1) 
Earnings per share are calculated using whole dollars and shares.

In first quarter 2016 and 2015, common shares underlying options to purchase 1,081,423 and 784,890 shares, respectively, of common stock were excluded from the shares treated as outstanding for computation of diluted earnings per share because the total market value of option exercises for these awards was less than the total cash proceeds that would be received for these exercises. First quarter 2016 and 2015 reflect the impact of share repurchases of 287,281 and 370,000, respectively.

The Company declared cash dividends of $0.46 and $0.40 per share in first quarter 2016 and 2015, respectively.