Masco Corporation Just Filed Its Quarterly Report: (LOSS) INCOME PER CO...

(LOSS) INCOME PER COMMON SHARE

 
Reconciliations of the numerators and denominators used in the computations of basic and diluted (loss) income per common share were as follows, in millions: 
Three Months Ended June 30,Six Months Ended June 30,
 2021202020212020
Numerator (basic and diluted):    
(Loss) income from continuing operations$(36)$210 $58 $343 
Less: Allocation to redeemable noncontrolling interest— — — 
Less: Allocation to unvested restricted stock awards
— — 
(Loss) income from continuing operations attributable to common shareholders(36)208 52 340 
Income from discontinued operations, net— 14 — 411 
Less: Allocation to unvested restricted stock awards
— — — 
Income from discontinued operations, net attributable to common shareholders— 14 — 408 
Net (loss) income attributable to common shareholders$(36)$222 $52 $748 
Denominator:    
Basic common shares (based upon weighted average)
252 262 254 267 
Add: Stock option dilution— 
Diluted common shares252 263 256 268 
 
For the three and six months ended June 30, 2021, we allocated dividends to the unvested restricted stock awards. For the three and six months ended June 30, 2020, we allocated dividends and undistributed earnings to the unvested restricted stock awards.
 
Additionally, 2.8 million and 260,000 common shares for the three and six months ended June 30, 2021, respectively, and 762,000 and 672,000 common shares for the three and six months ended June 30, 2020, respectively, related to stock options and 464,000 and 1,000 restricted stock units for the three and six months ended June 30, 2021, respectively, were excluded from the computation of diluted (loss) income per common share due to their antidilutive effect.

Effective February 10, 2021, our Board of Directors authorized the repurchase, for retirement, of up to $2.0 billion of shares of our common stock in open-market transactions or otherwise, replacing the previous Board of Directors authorization established in 2019. In June 2021, we entered into an accelerated stock repurchase transaction whereby we agreed to repurchase a total of $350 million of our common stock with an initial delivery of approximately 5.1 million shares. This transaction was completed on July 29, 2021, at which time we received, at no additional cost, 0.9 million additional shares of our common stock resulting from changes in the volume weighted average stock price of our common stock over the term of the transaction, less a discount. In total, excluding the incremental shares we received in July 2021 from the accelerated stock repurchase transaction, we repurchased and retired 12.2 million shares of our common stock in the six months ended June 30, 2021 for approximately $750 million. This included 0.7 million shares to offset the dilutive impact of restricted stock units granted in the six months ended June 30, 2021. At June 30, 2021, we had $1.4 billion remaining under the 2021 authorization.

On the basis of amounts paid (declared), cash dividends per common share were $0.235 ($0.235) and $0.375 ($0.235) for the three and six months ended June 30, 2021, respectively, and $0.135 ($0.135) and $0.270 ($0.270) for the three and six months ended June 30, 2020, respectively.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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