EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2024

The following tables present the calculation of our basic and diluted earnings per share (“EPS”) and the corresponding weighted average shares outstanding referenced in these calculations:


	Three Months Ended June 30,				Six Months Ended June 30,
($ and shares outstanding in millions, except per share amounts)	2024		2023		2024		2023
Basic EPS:
Numerator:
Net income (loss) attributable to stockholders	$	2	$	80	$	(2)	$	153
Denominator:
Weighted average shares outstanding	103.4		110.9		104.3		111.8
Basic EPS(1)	$	0.02	$	0.72	$	(0.02)	$	1.37
Diluted EPS:
Numerator:
Net income (loss) attributable to stockholders	$	2	$	80	$	(2)	$	153
Denominator:
Weighted average shares outstanding	104.3		112.1		104.3		113.3
Diluted EPS(1)	$	0.02	$	0.71	$	(0.02)	$	1.35

Basic weighted average shares outstanding	103.4		110.9		104.3		111.8
RSUs(2), PSUs(3), Options(4) and ESPP	0.9		1.2		—		1.5
Diluted weighted average shares outstanding	104.3		112.1		104.3		113.3

(1)Earnings per share amounts are calculated using whole numbers.

(2) Excludes approximately 220,000 shares of RSUs that would have been anti-dilutive to EPS under the treasury stock method for the three months ended June 30, 2024. Also excludes approximately 316,000 and 208,000 shares of RSUs that would have been anti-dilutive to EPS under the treasury stock method for the three and six months ended June 30, 2023. These RSUs could potentially dilute EPS in the future.

(3) Excludes approximately 14,000 shares of PSUs that would have been anti-dilutive to EPS under the treasury stock method for the three months ended June 30, 2024. Also excludes approximately 60,000 and 38,000 shares of PSUs that would have been anti-dilutive to EPS under the treasury stock method for the three and six months ended June 30, 2023. These PSUs could potentially dilute EPS in the future.

(4) Excludes approximately 1,212,000 shares of Options that would have been anti-dilutive to EPS under the treasury stock method for the three months ended June 30, 2024. Also excludes approximately 735,000 and 635,000 shares of Options that would have been anti-dilutive to EPS under the treasury stock method for the three and six months ended June 30, 2023. These Options could potentially dilute EPS in the future.

The dilutive effect of outstanding share-based compensation awards is reflected in diluted earnings per common share by application of the treasury stock method using average market prices during the period. Potentially dilutive shares of 1,239,081 for the six months ended June 30, 2024, were excluded from the calculation of diluted weighted average shares outstanding and diluted earnings per share as a result of our net loss position.

Share Repurchases

On May 3, 2023, our Board of Directors approved a share repurchase program authorizing the Company to repurchase up to an aggregate of $500 million of its outstanding shares of common stock over a two-year period (the “2023 Repurchase Plan”). The following table summarizes stock repurchase activity under the share repurchase program as of June 30, 2024:


(in millions)	Shares	Cost
As of December 31, 2023	4	$	141
Repurchases	5	199
As of June 30, 2024	9	$	340

From July 1, 2024 through July 31, 2024, we repurchased approximately 1.1 million shares for $46 million. As of August 1, 2024, we had $114 million of remaining availability under the 2023 Repurchase Plan.