Stock repurchase program, dollar amount authorized

[Table of Contents](#i8fbc3dcd16fb4e35b37f64f296545b43_13)  
  
14. Computation of Basic/Diluted Earnings Per Common Share  
The following table sets forth the computation of basic and diluted earnings per common share (amounts in millions, except per share data):  


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|   |  |  |  | For the Three Months Ended March 31, |  |
|   |  |  |  |  |  | 2022 |  | 2021 |  |  |  |  |  |
| Numerator: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Consolidated net income |  |  |  |  |  | $ | 395  |  |  | $ | 619  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Denominator: |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Denominator for basic earnings per common share—weighted-average common shares outstanding |  |  |  |  |  | 780  |  |  | 775  |  |  |  |  |  |  |
| Effect of dilutive stock options and awards under the treasury stock method |  |  |  |  |  | 6  |  |  | 8  |  |  |  |  |  |  |
| Denominator for diluted earnings per common share—weighted-average common shares outstanding plus dilutive common shares under the treasury stock method |  |  |  |  |  | 786  |  |  | 783  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Basic earnings per common share |  |  |  |  |  | $ | 0.51  |  |  | $ | 0.80  |  |  |  |  |  |  |
| Diluted earnings per common share |  |  |  |  |  | $ | 0.50  |  |  | $ | 0.79  |  |  |  |  |  |  |

  
The vesting of certain of our employee-related restricted stock units is contingent upon the satisfaction of predefined performance measures. The shares underlying these equity awards are included in the weighted-average dilutive common shares only if the performance measures are met as of the end of the reporting period. Additionally, potential common shares are not included in the denominator of the diluted earnings per common share calculation when the inclusion of such shares would be anti-dilutive.  
Weighted-average shares excluded from the computation of diluted earnings per share were as follows (amounts in millions):  


|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  |  |  |  | For the Three Months Ended March 31, |  |
|  |  |  |  |  |  | 2022 |  | 2021 |  |  |  |  |  |
| Restricted stock units with performance measures not yet met |  |  |  |  |  | 3  |  |  | 3  |  |  |  |  |  |  |
| Anti-dilutive employee stock options |  |  |  |  |  | 2  |  |  | 2  |  |  |  |  |  |  |

  
15. Capital Transactions  
Repurchase Programs  
On January 27, 2021, our Board of Directors authorized a stock repurchase program under which we are authorized to repurchase up to $4 billion of our common stock during the two-year period from February 14, 2021 until the earlier of February 13, 2023 and a determination by the Board of Directors to discontinue the repurchase program. As of March 31, 2022, we had not repurchased any shares under this program and are restricted from making any such repurchases during the period between the execution of the Merger Agreement with Microsoft and the Effective Time without Microsoft’s approval (which may not be unreasonably withheld, conditioned, or delayed).  
Dividends  
On February 3, 2022, our Board of Directors declared a cash dividend of $0.47 per common share. Such dividend is payable on May 6, 2022 to shareholders of record at the close of business on April 15, 2022. We have recorded $367 million of dividends payable in “Accrued expenses and other liabilities” on our condensed consolidated balance sheet as of March 31, 2022.  
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