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EARNINGS AND DIVIDENDS PER SHARE

9 Months Ended

Sep. 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"):

	Third Quarter								First Nine Months
(In millions, except per share amounts)	2018				2017				2018				2017
Numerator
Earnings attributable to Eastman, net of tax	$	412			$	323			$	1,046			$	893
Denominator
Weighted average shares used for basic EPS	140.6				144.3				141.7				145.2
Dilutive effect of stock options and other awards	1.8				1.2				2.0				1.3
Weighted average shares used for diluted EPS	142.4				145.5				143.7				146.5
(Calculated using whole dollars and shares)
EPS
Basic	$	2.93			$	2.24			$	7.38			$	6.15
Diluted	$	2.89			$	2.22			$	7.28			$	6.10

In both third quarter and first nine months 2018, options to purchase 619,706 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. Third quarter and first nine months 2018 reflect the impact of share repurchases of 1,263,868 and 3,673,642, respectively.

In third quarter and first nine months 2017, options to purchase 727,111 and 781,011 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. Third quarter and first nine months 2017 reflect the impact of share repurchases of 1,184,107 and 3,360,783, respectively.

The Company declared cash dividends of $0.56 and $0.51 per share in third quarter 2018 and 2017, respectively, and $1.68 and $1.53 per share in first nine 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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