Earnings Per Share

9 Months Ended

Sep. 30, 2022

11. Earnings per Share

Total outstanding shares as of September 30, 2022 and 2021, were 94.3 million and 95.7 million, respectively. Under our stock repurchase program, during each of the three and nine months ended September 30, 2022, we repurchased and retired zero and 2.7 million shares, respectively, and during each of the three and nine months ended September 30, 2021, we repurchased and retired zero shares. For the nine months ended September 30, 2022 and 2021, we acquired 0.3 million and 0.1 million shares, respectively, related to tax withholding for 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.

The number of our weighted-average shares outstanding for the nine months ended September 30, 2022 and 2021 was as follows:


	Three months ended September 30,				Nine Months Ended September 30,
(in millions)	2022		2021		2022		2021
Weighted-average number of shares of common stock outstanding - basic		94.5		95.6		95.6		95.4
Stock options		—		0.2		—		0.1
Restricted stock units		—		1.5		—		1.5
Weighted-average shares and assumed conversions - diluted (1)		94.5		97.3		95.6		97.0

(1)

Due to the net loss during the three and nine months ended September 30, 2022, the denominator in the diluted earnings per share calculation does not include the effects of the stock awards for which the average market price for the period exceeds the exercise price, as it would result in a less dilutive computation. As a result, reporting diluted earnings per share for the three and nine months ended September 30, 2022 are the same as basic earnings per share.

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 three and nine months ended September 30, 2022, the number of anti-dilutive shares was approximately 10.1 million and 9.0 million, respectively. For each of the three and nine months ended September 30, 2021, the number of anti-dilutive shares was approximately 8.0 million.