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EARNINGS AND DIVIDENDS PER SHARE

6 Months Ended

Jun. 30, 2021

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)			2021						2020						2021						2020
Numerator
Earnings attributable to Eastman, net of tax			$	(146)					$	27					$	128					$	285
Denominator
Weighted average shares used for basic EPS			135.9						135.3						136.0						135.6
Dilutive effect of stock options and other awards (1)			—						0.8						1.8						0.8
Weighted average shares used for diluted EPS			135.9						136.1						137.8						136.4
(Calculated using whole dollars and shares)
EPS
Basic			$	(1.07)					$	0.20					$	0.94					$	2.10
Diluted			$	(1.07)					$	0.20					$	0.93					$	2.09

(1)Dilutive effect is not applicable in periods with a net loss.

Shares underlying stock options excluded from second quarter 2021 and 2020 calculations of diluted EPS were 327,782 and 3,735,978, 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 2021 and 2020 reflect share repurchases of 833,580 and 623,751, respectively.

No shares underlying stock options were excluded from first six months 2021 calculation of diluted EPS. First six months 2020 calculation of diluted EPS excluded 3,920,216 shares underlying stock options 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 2021 and 2020 reflect share repurchases of 1,188,375 and 1,134,052, respectively.

The Company declared cash dividends of $0.69 and $0.66 per share for second quarter 2021 and 2020, respectively, and $1.38 and $1.32 per share for first six months 2021 and 2020, respectively.

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- References

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- Definition

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

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 45
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=125511455&loc=d3e1278-109256

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=124432515&loc=d3e3550-109257

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 260
-SubTopic 10
-Section 55
-Paragraph 52
-URI http://asc.fasb.org/extlink&oid=125512782&loc=d3e4984-109258

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