Earnings Per Share

12 Months Ended

Dec. 31, 2019

13. Earnings per Share

Total outstanding shares as of December 31, 2019, 2018 and 2017 were 96.4 million, 102.7 million and 106.7 million, respectively. Under our stock repurchase program, for the years ended December 31, 2019, 2018 and 2017, we repurchased and retired 7.8 million, 6.0 million and 3.3 million shares, respectively. For the years ended December 31, 2019, 2018 and 2017, we acquired 0.5 million, 0.6 million and 0.7 million shares, respectively, related to tax withholding in connection with share-based compensation.

The calculation of basic earnings per share of common stock is based on the weighted-average number of shares of common stock outstanding in the year, or period, over which they were outstanding. Our calculation of diluted earnings per share of common stock assumes that any shares of common stock outstanding were increased by shares that would be issued upon exercise of those stock awards for which the average market price for the period exceeds the exercise price less the shares that could have been purchased by the Company with the related proceeds, including compensation expense measured but not yet recognized.

Our weighted-average shares outstanding for the years ended December 31, 2019, 2018 and 2017 was as follows:



(in millions)	2019	2018	2017
Weighted-average number of shares of common stock outstanding - basic	99.5	104.8	108.1
Stock options	0.5	1.0	1.3
Restricted stock units	1.0	1.2	1.5
Adjusted weighted-average shares and assumed conversions - diluted	101.0	107.0	110.9

Awards of potentially dilutive shares of common stock, which have exercise prices that were higher than the average market price during the period, are not included in the computation of dilutive earnings per share as their effect would have been anti-dilutive. For the years ended December 31, 2019, 2018 and 2017, the number of anti-dilutive shares were approximately 4.7 million, 4.0 million and 3.1 million, respectively.