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EARNINGS AND DIVIDENDS PER SHARE
 9 Months Ended
Sep. 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:
 Third QuarterFirst Nine Months
(In millions, except per share amounts)2021202020212020
Numerator
Earnings attributable to Eastman, net of tax $351 $161 $479 $446 
Denominator
Weighted average shares used for basic EPS135.3135.3135.8135.5
Dilutive effect of stock options and other awards1.71.01.80.9
Weighted average shares used for diluted EPS137.0136.3137.6136.4
(Calculated using whole dollars and shares)
EPS
Basic$2.60 $1.19 $3.53 $3.29 
Diluted$2.57 $1.18 $3.49 $3.27 

Shares underlying stock options excluded from third quarter 2021 and 2020 calculations of diluted EPS were 327,782 and 2,247,621, 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. Third quarter 2021 reflects share repurchases of 1,354,737. There were no share repurchases in third quarter 2020.

Shares underlying stock options excluded from first nine months 2021 and 2020 calculations of diluted EPS were 150,781 and 2,809,028, 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 nine months 2021 and 2020 reflect share repurchases of 2,543,112 and 1,134,052, respectively.

The Company declared cash dividends of $0.69 and $0.66 per share for third quarter 2021 and 2020, respectively, and $2.07 and $1.98 per share for first nine months 2021 and 2020, respectively.