Equity Equity

6 Months Ended

Jun. 30, 2019

Stockholders' Equity Note Disclosure [Text Block]

EQUITY

Condensed Consolidated Statement of Changes in Equity for Realogy Holdings



	Three Months Ended June 30, 2019
	Common Stock			Additional Paid-In Capital			Accumulated Deficit			Accumulated Other Comprehensive Loss			Non- controlling Interests			Total Equity


	Shares	Amount
Balance at March 31, 2019	114.2	$	1	$	4,841		$	(2,606	)	$	(50	)	$	3		$	2,189
Net Income	—	—		—			69			—			1			70
Other comprehensive loss	—	—		—			—			(1		)	—			(1		)
Stock-based compensation	—	—		7			—			—			—			7
Issuance of shares for vesting of equity awards	0.1	—		—			—			—			—			—
Dividends declared ($0.09 per share)	—	—		(11		)	—			—			(1		)	(12		)
Balance at June 30, 2019	114.3	$	1	$	4,837		$	(2,537	)	$	(51	)	$	3		$	2,253



	Three Months Ended June 30, 2018
	Common Stock				Additional Paid-In Capital			Accumulated Deficit			Accumulated Other Comprehensive Loss			Non- controlling Interests			Total Equity


	Shares		Amount
Balance at March 31, 2018	128.8		$	1	$	5,179		$	(2,711	)	$	(44	)	$	3		$	2,428
Net Income	—		—		—			123			—			1			124
Other comprehensive loss	—		—		—			—			(3		)	—			(3		)
Repurchase of common stock	(4.3	)	—		(106		)	—			—			—			(106		)
Stock-based compensation	—		—		12			—			—			—			12
Issuance of shares for vesting of equity awards	0.2		—		—			—			—			—			—
Shares withheld for taxes on equity awards	(0.1	)	—		(1		)	—			—			—			(1		)
Dividends declared ($0.09 per share)	—		—		(11		)	—			—			(1		)	(12		)
Balance at June 30, 2018	124.6		$	1	$	5,073		$	(2,588	)	$	(47	)	$	3		$	2,442



	Six Months Ended June 30, 2019
	Common Stock				Additional Paid-In Capital			Accumulated Deficit			Accumulated Other Comprehensive Loss			Non- controlling Interests			Total Equity


	Shares		Amount
Balance at December 31, 2018	114.6		$	1	$	4,869		$	(2,507	)	$	(52	)	$	4		$	2,315
Net Loss	—		—		—			(30		)	—			1			(29		)
Other comprehensive income	—		—		—			—			1			—			1
Repurchase of common stock	(1.2	)	—		(20		)	—			—			—			(20		)
Stock-based compensation	—		—		15			—			—			—			15
Issuance of shares for vesting of equity awards	1.3		—		—			—			—			—			—
Shares withheld for taxes on equity awards	(0.4	)	—		(6		)	—			—			—			(6		)
Dividends declared ($0.18 per share)	—		—		(21		)	—			—			(2		)	(23		)
Balance at June 30, 2019	114.3		$	1	$	4,837		$	(2,537	)	$	(51	)	$	3		$	2,253



	Six Months Ended June 30, 2018
	Common Stock				Additional Paid-In Capital			Accumulated Deficit			Accumulated Other Comprehensive Loss			Non- controlling Interests			Total Equity


	Shares		Amount
Balance at December 31, 2017	131.6		$	1	$	5,285		$	(2,631	)	$	(37	)	$	4		$	2,622
Cumulative effect of adoption of new accounting pronouncements	—		—		—			(13		)	(9		)	—			(22		)
Net Income	—		—		—			56			—			1			57
Other comprehensive loss	—		—		—			—			(1		)	—			(1		)
Repurchase of common stock	(7.8	)	—		(200		)	—			—			—			(200		)
Stock-based compensation	—		—		21			—			—			—			21
Issuance of shares for vesting of equity awards	1.2		—		—			—			—			—			—
Shares withheld for taxes on equity awards	(0.4	)	—		(10		)	—			—			—			(10		)
Dividends declared ($0.18 per share)	—		—		(23		)	—			—			(2		)	(25		)
Balance at June 30, 2018	124.6		$	1	$	5,073		$	(2,588	)	$	(47	)	$	3		$	2,442

Condensed Consolidated Statement of Changes in Equity for Realogy Group

The Company has not included a statement of changes in equity for Realogy Group as the operating results of Group are consistent with the operating results of Realogy Holdings as all revenue and expenses of Realogy Group flow up to Realogy Holdings and there are no incremental activities at the Realogy Holdings level. The only difference between Realogy Group and Realogy Holdings is that the $1 million in par value of common stock in Realogy Holdings' equity is included in additional paid in capital in Realogy Group's equity.

Stock Repurchases

The Company may repurchase shares of its common stock under authorizations from its Board of Directors. Shares repurchased are retired and not displayed separately as treasury stock on the consolidated financial statements. The par value of the shares repurchased and retired is deducted from common stock and the excess of the purchase price over par value is first charged against any available additional paid-in capital with the balance charged to retained earnings. Direct costs incurred to repurchase the shares are included in the total cost of the shares.

The Company's Board of Directors authorized a share repurchase program of up to $275 million, $300 million, $350 million and $175 million of the Company's common stock in February 2016, 2017, 2018 and 2019, respectively.

In the first quarter of 2019, the Company repurchased and retired 1.2 million shares of common stock for $20 million at a weighted average market price of $17.21 per share. The Company did not repurchase any shares under the share repurchase programs during the second quarter of 2019. As of June 30, 2019, the Company had repurchased and retired 35.5 million shares of common stock for an aggregate of $896 million at a total weighted average market price of $25.22 per share. As of June 30, 2019, $204 million remained available for repurchase under the share repurchase programs.

The restrictive covenants in the indenture governing the 9.375% Senior Notes restrict the Company's ability to repurchase shares. See "Note 5. Short and Long-Term Debt—Unsecured Notes."

Stock-Based Compensation

During the first quarter of 2019, the Company granted 0.9 million shares of non-qualified stock options with a weighted average exercise price of $13.45, restricted stock units related to 2.5 million shares with a weighted average grant date fair value of $13.53 and performance stock units related to 1.2 million shares with a weighted average grant date fair value of $11.08.

Dividend Policy

In August 2016, the Company’s Board of Directors approved the initiation of a quarterly cash dividend policy of $0.09 per share on its common stock. The Board declared and paid a quarterly cash dividend of $0.09 per share on the Company’s common stock during both the first and second quarters of 2019.

The declaration and payment of any future dividend will be subject to the discretion of the Board of Directors and will depend on a variety of factors, including the Company’s financial condition and results of operations, contractual restrictions, including restrictive covenants contained in the Company’s credit agreements, and the indentures governing the Company’s outstanding debt securities, capital requirements and other factors that the Board of Directors deems relevant. The restrictive covenants in the indenture governing the 9.375% Senior Notes restrict the Company's ability to declare dividends in excess of $45 million per year. See Note 5. "Short and Long-Term Debt—Unsecured Notes" for additional information.

Pursuant to the Company’s policy, dividends payable in cash are treated as a reduction of additional paid-in capital since the Company is currently in an accumulated deficit position.