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EARNINGS AND DIVIDENDS PER SHARE

6 Months Ended

Jun. 30, 2018

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"):

	Second Quarter								First Six Months
(In millions, except per share amounts)	2018				2017				2018				2017
Numerator
Earnings attributable to Eastman, net of tax	$	344			$	292			$	634			$	570
Denominator
Weighted average shares used for basic EPS	141.9				145.3				142.3				145.7
Dilutive effect of stock options and other awards	2.1				1.1				2.1				1.1
Weighted average shares used for diluted EPS	144.0				146.4				144.4				146.8
(Calculated using whole dollars and shares)
EPS
Basic	$	2.42			$	2.01			$	4.45			$	3.91
Diluted	$	2.39			$	2.00			$	4.39			$	3.89

In both second quarter and first six months 2018, options to purchase 407,573 shares of common stock were excluded from the shares treated as outstanding for computation of diluted EPS because the market value of option exercises for these awards were less than the cash proceeds that would be received from these exercises. Second quarter and first six months 2018 reflect the impact of share repurchases of 1,415,539 and 2,409,774, respectively.

In second quarter and first six months 2017, options to purchase 850,970 and 1,008,667 shares of common stock, respectively, were excluded from the shares treated as outstanding for computation of diluted EPS because the market value of option exercises for these awards were less than the cash proceeds that would be received from these exercises. Second quarter and first six months 2017 reflect the impact of share repurchases of 1,232,977 and 2,176,676, respectively.

The Company declared cash dividends of $0.56 and $0.51 per share in second quarter 2018 and 2017, respectively, and $1.12 and $1.02 per share in first six months 2018 and 2017, respectively.

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- Definition

Tabular disclosure of the effect of income (loss) on an entity's diluted earnings per share.

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