Earnings (Loss) Per Share (Notes)

9 Months Ended

Sep. 30, 2020

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 (loss) 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:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in millions, except per share data)	2020		2019		2020		2019
Numerator:
Numerator for earnings (loss) per share—continuing operations
Net income (loss) from continuing operations	$	145	$	(120)	$	(262)	$	(136)
Less: Net income attributable to noncontrolling interests	(1)		(1)		(2)		(2)
Net income (loss) from continuing operations attributable to Realogy Holdings	$	144	$	(121)	$	(264)	$	(138)
Numerator for earnings (loss) per share—discontinued operations
Net (loss) income from discontinued operations	$	(46)	$	8	$	(114)	$	(5)
Net income (loss) attributable to Realogy Holdings shareholders	$	98	$	(113)	$	(378)	$	(143)
Denominator:
Weighted average common shares outstanding (denominator for basic earnings (loss) per share calculation)	115.4		114.3		115.2		114.2
Dilutive effect of stock-based compensation (a)(b)	1.3		—		—		—
Weighted average common shares outstanding (denominator for diluted earnings (loss) per share calculation)	116.7		114.3		115.2		114.2
Basic earnings (loss) per share attributable to Realogy Holdings shareholders:
Basic earnings (loss) per share from continuing operations	$	1.25	$	(1.06)	$	(2.29)	$	(1.21)
Basic (loss) earnings per share from discontinued operations	(0.40)		0.07		(0.99)		(0.04)
Basic earnings (loss) per share	$	0.85	$	(0.99)	$	(3.28)	$	(1.25)
Diluted earnings (loss) per share attributable to Realogy Holdings shareholders:
Diluted earnings (loss) per share from continuing operations	$	1.23	$	(1.06)	$	(2.29)	$	(1.21)
Diluted (loss) earnings per share from discontinued operations	(0.39)		0.07		(0.99)		(0.04)
Diluted earnings (loss) per share	$	0.84	$	(0.99)	$	(3.28)	$	(1.25)

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(a)The three months ended September 30, 2020 exclude 8.3 million 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.

(b)The Company had a net loss from continuing operations for the nine months ended September 30, 2020 and three and nine months ended September 30, 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.