Equity Equity

9 Months Ended

Sep. 30, 2019

Stockholders' Equity Note Disclosure [Text Block]

EQUITY

Condensed Consolidated Statement of Changes in Equity for Realogy Holdings


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


	Shares	Amount
Balance at June 30, 2019	114.3	$	1	$	4,837	$	(2,537)	$	(51)	$	3	$	2,253
Net (loss) income	—	—		—		(70)		—		1		(69)
Other comprehensive loss	—	—		—		—		(1)		—		(1)
Stock-based compensation	—	—		10		—		—		—		10
Dividends declared ($0.09 per share)	—	—		(10)		—		—		—		(10)
Balance at September 30, 2019	114.3	$	1	$	4,837	$	(2,607)	$	(52)	$	4	$	2,183


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


	Shares	Amount
Balance at June 30, 2018	124.6	$	1	$	5,073	$	(2,588)	$	(47)	$	3	$	2,442
Net income	—	—		—		103		—		1		104
Repurchase of common stock	(4.7)	—		(102)		—		—		—		(102)
Stock-based compensation	—	—		10		—		—		—		10
Dividends declared ($0.09 per share)	—	—		(11)		—		—		—		(11)
Balance at September 30, 2018	119.9	$	1	$	4,970	$	(2,485)	$	(47)	$	4	$	2,443


	Nine Months Ended September 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) income	—	—		—		(100)		—		2		(98)
Repurchase of common stock	(1.2)	—		(20)		—		—		—		(20)
Stock-based compensation	—	—		25		—		—		—		25
Issuance of shares for vesting of equity awards	1.3	—		—		—		—		—		—
Shares withheld for taxes on equity awards	(0.4)	—		(6)		—		—		—		(6)
Dividends declared ($0.27 per share)	—	—		(31)		—		—		(2)		(33)
Balance at September 30, 2019	114.3	$	1	$	4,837	$	(2,607)	$	(52)	$	4	$	2,183


	Nine Months Ended September 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	—	—		—		159		—		2		161
Other comprehensive loss	—	—		—		—		(1)		—		(1)
Repurchase of common stock	(12.5)	—		(302)		—		—		—		(302)
Stock-based compensation	—	—		31		—		—		—		31
Issuance of shares for vesting of equity awards	1.2	—		—		—		—		—		—
Shares withheld for taxes on equity awards	(0.4)	—		(10)		—		—		—		(10)
Dividends declared ($0.27 per share)	—	—		(34)		—		—		(2)		(36)
Balance at September 30, 2018	119.9	$	1	$	4,970	$	(2,485)	$	(47)	$	4	$	2,443

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 and third quarters of 2019. As of September 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 September 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.

Dividends

The Board declared and paid a quarterly cash dividend of $0.09 per share on the Company’s common stock during the first, second and third quarters of 2019. In early November 2019, the Company's Board of Directors determined that, effective immediately, it will no longer pay a quarterly cash dividend.

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.