Equity and Earnings (Loss) Per Share

Earnings (Loss) Per Share

Basic earnings (loss) per share has been computed based upon the weighted average number of common shares outstanding. Diluted earnings (loss) per share has been computed based upon the weighted average number of common shares outstanding plus the effect of all potentially dilutive common stock equivalents, except when the effect would be anti-dilutive.

On June 30, 2016, the Company effected a 1-for-15 reverse stock split. All share data, per share amounts and dilutive and antidilutive amounts have been retroactively adjusted to reflect the impact of the separation and conversion, including the reverse stock split, in the accompanying consolidated financial statements and notes thereto for all periods presented.

The following table sets forth the computation of basic and diluted earnings (loss) per share (in millions, except per share data).



	Year Ended December 31,
	2017		2016			2015
Basic and diluted earnings (loss) per share:
Numerator:
Net income (loss), basic and diluted	$	160.3	$	(19.7	)	$	111.3
Denominator:
Basic weighted average common shares	28.3		28.3			30.2
Stock options, RSUs and PSUs^(a)	0.3		—			—
Weighted average shares used to calculate diluted earnings (loss) per share	28.6		28.3			30.2
Earnings (loss) per share:
Basic	$	5.66	$	(0.70	)	$	3.69
Diluted	$	5.60	$	(0.70	)	$	3.69
Antidilutive stock options, RSUs and PSUs^(a)	0.4		0.3			—

(a) The dilutive impact of stock options, RSUs and PSUs for the years ended December 31, 2016 and 2015 and antidilutive impact for the year ended 2015, rounds to zero for each period.

Share Repurchase Program

In March 2014, Hertz Holdings announced a $1.0 billion share repurchase program (the "Share Repurchase Program"), which replaced an earlier program. The Share Repurchase Program permits the Company, as the successor to Hertz Holdings, to purchase shares through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the Company to make any repurchases at any specific time or in any specific amount. The timing and extent to which the Company repurchases its shares will depend upon, among other things, market conditions, share price, liquidity targets, contractual restrictions and other factors. Share repurchases may be commenced or suspended at any time or from time to time, subject to legal and contractual requirements, without prior notice. During 2015, Hertz Holdings repurchased 2.5 million shares (on a reverse split adjusted basis) at an aggregate purchase price of approximately $604.5 million under the Share Repurchase Program. Repurchases are included in treasury stock in the accompanying consolidated balance sheets as of December 31, 2017 and December 31, 2016. There were no share repurchases during the years ended December 31, 2017 or 2016. As of December 31, 2017, the approximate dollar value that remains available for share purchases under the Share Repurchase Program is $395.9 million.