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EARNINGS AND DIVIDENDS PER SHARE | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings 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) | 2022 |  | 2021 |  | 2022 |  | 2021
Numerator |  |  |  |  |  |  |
Earnings attributable to Eastman, net of tax | $ | 301 |  |  | $ | 351 |  |  | $ | 792 |  |  | $ | 479 |
Denominator |  |  |  |  |  |  |
Weighted average shares used for basic EPS | 121.0 |  | 135.3 |  | 124.9 |  | 135.8
Dilutive effect of stock options and other awards | 1.3 |  | 1.7 |  | 1.5 |  | 1.8
Weighted average shares used for diluted EPS | 122.3 |  | 137.0 |  | 126.4 |  | 137.6
(Calculated using whole dollars and shares) |  |  |  |  |  |  |
EPS |  |  |  |  |  |  |
Basic | $ | 2.48 |  |  | $ | 2.60 |  |  | $ | 6.34 |  |  | $ | 3.53 |
Diluted | $ | 2.46 |  |  | $ | 2.57 |  |  | $ | 6.26 |  |  | $ | 3.49 |
Shares underlying stock options of 1,342,328 and 327,782 for third quarter 2022 and 2021, respectively, and 1,342,328 and 150,781 for first nine months 2022 and 2021, respectively, were excluded from calculations of diluted EPS 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. There were 2,839,875 and 9,505,944 share repurchases in third quarter and first nine months 2022, respectively, and 1,354,737 and 2,543,112 share repurchases in third quarter and first nine months 2021, respectively. The Company declared cash dividends of $0.76 and $0.69 per share for third quarter 2022 and 2021, respectively, and $2.28 and $2.07 per share for first nine months 2022 and 2021, respectively. In December 2021, the Company's Board of Directors authorized the additional repurchase of up to $2.5 billion of the Company's outstanding common stock at such times, in such amounts, and on such terms, as determined by management to be in the best interest of the Company and its stockholders (the "2021 authorization"). In second quarter 2022, the Company entered into the 2022 ASR to purchase $500 million of the Company's common stock under the board approved authorizations. In exchange for upfront payment totaling $500 million, the financial institutions committed to deliver shares during the 2022 ASR's purchase period, which was settled in third quarter 2022. The total number of shares ultimately delivered was determined at the end of the applicable purchase period based on the volume-weighted average price of the Company's stock during the term of the 2022 ASR, less a discount. As of September 30, 2022, all shares repurchased under the 2022 ASR have been delivered. Approximately 80 percent of the expected shares repurchased under the 2022 ASR were delivered in second quarter 2022, and a final settlement of 1,212,732 shares were delivered in third quarter 2022.

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