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EARNINGS AND DIVIDENDS PER SHARE

6 Months Ended

Jun. 30, 2020

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:

			Second Quarter																		First Six Months
(In millions, except per share amounts)			2020						2019						2020						2019
Numerator
Earnings attributable to Eastman, net of tax			$	27					$	258					$	285					$	467
Denominator
Weighted average shares used for basic EPS			135.3						137.8						135.6						138.4
Dilutive effect of stock options and other awards			0.8						1.3						0.8						1.3
Weighted average shares used for diluted EPS			136.1						139.1						136.4						139.7
(Calculated using whole dollars and shares)
EPS
Basic			$	0.20					$	1.87					$	2.10					$	3.37
Diluted			$	0.20					$	1.85					$	2.09					$	3.34

Shares underlying stock options excluded from second quarter 2020 and 2019 calculations of diluted EPS were 3,735,978 and 2,242,478, respectively, because the grant date exercise 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. Second quarter 2020 and 2019 reflects share repurchases of 623,751 and 1,667,710, respectively.

Shares underlying stock options excluded from first six months 2020 and 2019 calculations of diluted EPS were 3,920,216 and 2,242,478, respectively, because the grant date exercise 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. First six months 2020 and 2019 reflects share repurchases of 1,134,052 and 3,249,786, respectively.

The Company declared cash dividends of $0.66 and $0.62 per share for second quarter 2020 and 2019, respectively, and $1.32 and $1.24 per share for first six months 2020 and 2019, 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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