Quarterly report pursuant to Section 13 or 15(d)

Earnings/(Loss) Per Share (Tables)

v3.21.2
Earnings/(Loss) Per Share (Tables)
9 Months Ended
Sep. 30, 2021
Earnings Per Share Reconciliation [Abstract]  
Computation Of Basic And Diluted EPS The following table sets forth the computations of basic and diluted EPS (in millions, except per share data):
Three Months Ended Nine Months Ended
September 30, September 30,
2021 2020 2021 2020
Net income/(loss) from continuing operations attributable to Travel + Leisure Co. shareholders $ 101  $ 40  $ 203  $ (258)
Loss on disposal of discontinued business attributable to Travel + Leisure Co. shareholders, net of income taxes —  —  (2) — 
Net income/(loss) attributable to Travel + Leisure Co. shareholders $ 101  $ 40  $ 201  $ (258)
Basic earnings/(loss) per share (a)
Continuing operations $ 1.16  $ 0.47  $ 2.35  $ (3.00)
Discontinued operations —  —  (0.02) — 
$ 1.16  $ 0.47  $ 2.33  $ (3.00)
Diluted earnings/(loss) per share (a)
Continuing operations $ 1.15  $ 0.47  $ 2.33  $ (3.00)
Discontinued operations —  —  (0.03) — 
$ 1.15  $ 0.47  $ 2.30  $ (3.00)
Basic weighted average shares outstanding 86.6  85.9  86.5  86.1 
Stock-settled appreciation rights (“SSARs”), RSUs,(b) PSUs (c) and NQs (d)
0.8  0.2  0.8  — 
Diluted weighted average shares outstanding (e)
87.4  86.1  87.3  86.1 
Dividends:
Aggregate dividends paid to shareholders $ 26  $ 26  $ 79  $ 112 
(a)Earnings/(loss) per share amounts are calculated using whole numbers.
(b)Excludes 0.4 million and 0.3 million of anti-dilutive restricted stock units (“RSUs”) for the three and nine months ended September 30, 2021. Excludes 1.0 million and 1.1 million of anti-dilutive RSUs for the three and nine months ended September 30, 2020, of which 0.1 million would have been dilutive for the nine months ended September 30, 2020 had the Company not been in a net loss position during the period. These shares could potentially dilute EPS in the future.
(c)Excludes performance-vested restricted stock units (“PSUs”) of 0.4 million for both the three and nine months ended September 30, 2021, as the Company had not met the required performance metrics. Excludes 0.3 million PSUs for both the three and nine months ended September 30, 2020, as the Company has not met the required performance metrics. These PSUs could potentially dilute EPS in the future.
(d)Excludes 1.4 million of outstanding non-qualified stock option (“NQs”) awards that would have been anti-dilutive to EPS for both the three and nine months ended September 30, 2021. Excludes 2.3 million and 2.1 million of outstanding NQ awards that would have been anti-dilutive to EPS for the three and nine months ended September 30, 2020. These outstanding stock option awards could potentially dilute EPS in the future.
(e)The dilutive impact of the Company’s potential common stock is computed utilizing the treasury stock method using average market prices during the period.
Current Stock Repurchase Program
The following table summarizes stock repurchase activity under the current stock repurchase program (in millions):
Shares Cost
As of December 31, 2020 111.3  $ 5,727 
Repurchases —  — 
As of September 30, 2021 111.3  $ 5,727