Earnings (Loss) Per Share (Notes)

12 Months Ended

Dec. 31, 2019

EARNINGS (LOSS) PER SHARE

Earnings (loss) per share attributable to Realogy Holdings

Basic earnings (loss) per share is computed based on net income (loss) 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. The following table sets forth the computation of basic and diluted earnings (loss) per share:


	Year Ended December 31,
(in millions, except per share data)	2019		2018		2017
Numerator:
Numerator for earnings per share—continuing operations
Net income (loss) from continuing operations	$	(118)	$	146	$	428
Less: Net income attributable to noncontrolling interests	(3)		(3)		(3)
Net (loss) income from continuing operations attributable to Realogy Holdings	$	(121)	$	143	$	425

Numerator for earnings per share—discontinued operations
Net (loss) income from discontinued operations	$	(67)	$	(6)	$	6

Net (loss) income attributable to Realogy Holdings shareholders	$	(188)	$	137	$	431

Denominator:
Weighted average common shares outstanding (denominator for basic (loss) earnings per share calculation)	114.2		124.0		136.7
Dilutive effect of stock-based compensation (a) (b)	—		1.3		1.7
Weighted average common shares outstanding (denominator for diluted (loss) earnings per share calculation)	114.2		125.3		138.4

Basic (loss) earnings per share attributable to Realogy Holdings shareholders:
Basic (loss) earnings per share from continuing operations	$	(1.06)	$	1.15	$	3.11
Basic (loss) earnings per share from discontinued operations	(0.59)		(0.05)		0.04
Basic (loss) earnings per share	$	(1.65)	$	1.10	$	3.15

Diluted (loss) earnings per share attributable to Realogy Holdings shareholders:
Diluted (loss) earnings per share from continuing operations	$	(1.06)	$	1.14	$	3.07
Diluted (loss) earnings per share from discontinued operations	(0.59)		(0.05)		0.04
Diluted (loss) earnings per share	$	(1.65)	$	1.09	$	3.11

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(a)The Company was in a net loss position for the year ended December 31, 2019 and therefore the impact of incentive equity awards were excluded from the computation of dilutive loss per share as the inclusion of such amounts would be anti-dilutive (see Note 14, "Stock-Based Compensation", for outstanding equity awards as of December 31, 2019).

(b)The years ended December 31, 2018 and 2017, respectively, exclude 6.9 million and 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.

Under the 2017, 2018 and 2019 share repurchase programs, the Company's Board of Directors authorized up to $825 million of the Company’s common stock. 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, third and fourth quarters of 2019. For the year ended December 31, 2018, the Company repurchased and retired 17.9 million shares of common stock for $402 million at a weighted average market price of $22.47 per share. For the year ended December 31, 2017, the Company repurchased and retired 9.4 million shares of common stock for $276 million at a weighted average market price of $29.38 per share. The purchase of shares under these plans reduce the weighted-average number of shares outstanding in the basic earnings per share calculation.