9. EARNINGS PER SHARE

Earnings per share attributable to Realogy Holdings

Basic earnings per share is computed based on net income attributable to Realogy Holdings stockholders divided by the basic weighted-average shares outstanding during the period. Dilutive earnings per share is computed consistently with the basic computation while giving effect to all dilutive potential common shares and common share equivalents that were outstanding during the period. Realogy Holdings uses the treasury stock method to reflect the potential dilutive effect of unvested stock awards and unexercised options.



	Three Months Ended June 30,				Six Months Ended June 30,
(in millions, except per share data)	2017		2016		2017		2016
Net income attributable to Realogy Holdings shareholders	$	109	$	92	$	81	$	50
Basic weighted average shares	137.6		145.5		138.6		146.0
Stock options, restricted stock units and performance share units (a)	1.3		1.2		1.3		1.2
Weighted average diluted shares	138.9		146.7		139.9		147.2
Earnings Per Share:
Basic	$	0.79	$	0.63	$	0.58	$	0.34
Diluted	$	0.78	$	0.63	$	0.58	$	0.34

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(a)

The three and six months ended June 30, 2017, both exclude 5.8 million shares of common stock issuable for incentive equity awards, which includes performance share units based on the achievement of target amounts, that are anti-dilutive to the diluted earnings per share computation. The three and six months ended June 30, 2016, both exclude 5.3 million shares of common stock issuable for incentive equity awards, which includes performance share units based on the achievement of target amounts, that are anti-dilutive to the diluted earnings per share computation.

In the second quarter of 2017, the Company repurchased and retired 1.9 million shares of common stock for $60 million at a weighted average market price of $30.22 per share. In the first half of 2017, the Company repurchased and retired 4.1 million shares of common stock for $120 million at a weighted average market price of $28.97 per share. The shares repurchased include 88,320 shares for which the trade date occurred in late June 2017 while settlement occurred in July 2017. The purchase of shares under this plan reduces the weighted-average number of shares outstanding in the basic earnings per share calculation.