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EARNINGS AND DIVIDENDS PER SHARE

9 Months Ended

Sep. 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") which are calculated using the treasury stock method:

	Third Quarter								First Nine Months
(In millions, except per share amounts)	2019				2018				2019				2018
Numerator
Earnings attributable to Eastman, net of tax	$	266			$	412			$	733			$	1,046
Denominator
Weighted average shares used for basic EPS	136.8				140.6				137.9				141.7
Dilutive effect of stock options and other awards	1.0				1.8				1.0				2.0
Weighted average shares used for diluted EPS	137.8				142.4				138.9				143.7
(Calculated using whole dollars and shares)
EPS
Basic	$	1.95			$	2.93			$	5.31			$	7.38
Diluted	$	1.93			$	2.89			$	5.27			$	7.28

Shares underlying stock options excluded from third quarter and first nine months 2019 calculations of diluted EPS were 2,620,529 and 2,219,514, respectively, because the grant price of these options was greater than the average market price of the Company's common stock and the effect of including them in the calculation of diluted EPS would have been antidilutive. Third quarter and first nine months 2019 reflect the impact of repurchases of 1,032,623 and 4,282,409 shares, respectively.

Shares underlying stock options excluded from both third quarter and first nine months 2018 calculations of diluted EPS were 619,706 because the grant price of these options was greater than the average market price of the Company's common stock and the effect of including them in the calculation of diluted EPS would have been antidilutive. Third quarter and first nine months 2018 reflect the impact of repurchases of 1,263,868 and 3,673,642 shares, respectively.

The Company declared cash dividends of $0.62 and $0.56 per share in third quarter 2019 and 2018, respectively, and $1.86 and $1.68 per share in first nine 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.

+ References

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