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EARNINGS AND DIVIDENDS PER SHARE

6 Months Ended

Jun. 30, 2019

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)	2019				2018				2019				2018
Numerator
Earnings attributable to Eastman, net of tax	$	258			$	344			$	467			$	634
Denominator
Weighted average shares used for basic EPS	137.8				141.9				138.4				142.3
Dilutive effect of stock options and other awards	1.3				2.1				1.3				2.1
Weighted average shares used for diluted EPS	139.1				144.0				139.7				144.4
(Calculated using whole dollars and shares)
EPS
Basic	$	1.87			$	2.42			$	3.37			$	4.45
Diluted	$	1.85			$	2.39			$	3.34			$	4.39

Shares underlying stock options excluded from both second quarter and first six months 2019 calculations of diluted EPS were 2,242,478 because the market value of exercises of these options were less than the cash proceeds that would be received from these exercises. Second quarter and first six months 2019 reflect the impact of share repurchases of 1,667,710 and 3,249,786, respectively.

Shares underlying stock options excluded from both second quarter and first six months 2018 calculations of diluted EPS were 407,573 because the market value of exercises of these options 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.

The Company declared cash dividends of $0.62 and $0.56 per share in second quarter 2019 and 2018, respectively, and $1.24 and $1.12 per share in first six months 2019 and 2018, 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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