The computations of basic and diluted earnings per share (“EPS”) are based on Net income attributable to Travel + Leisure Co. shareholders divided by the basic weighted average number of common shares and diluted weighted average number of common shares outstanding. The following table sets forth the computations of basic and diluted EPS (in millions, except per share data):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Net income from continuing operations attributable to Travel + Leisure Co. shareholders	$	97	$	89	$	163	$	152

Gain on disposal of discontinued business attributable to Travel + Leisure Co. shareholders, net of income taxes	32		5		32		5
Net income attributable to Travel + Leisure Co. shareholders	$	129	$	94	$	195	$	157

Basic earnings per share (a)
Continuing operations	$	1.36	$	1.18	$	2.29	$	1.99
Discontinued operations	0.46		0.07		0.45		0.07
	$	1.82	$	1.25	$	2.74	$	2.06

Diluted earnings per share (a)
Continuing operations	$	1.36	$	1.18	$	2.28	$	1.98
Discontinued operations	0.45		0.07		0.45		0.07
	$	1.81	$	1.25	$	2.73	$	2.05

Basic weighted average shares outstanding	70.8		75.2		71.2		76.3
RSUs,(b) PSUs (c) and NQs (d)	0.2		0.3		0.3		0.5
Diluted weighted average shares outstanding (e)	71.0		75.5		71.5		76.8

Dividends:
Aggregate dividends paid to shareholders (f)	$	35	$	35	$	73	$	71

(b)Excludes 0.8 million of restricted stock units (“RSUs”) that would have been anti-dilutive to EPS for both the three and six months ended June 30, 2024 and 1.3 million and 1.2 million of RSUs that would have been anti-dilutive to EPS for the three and six months ended June 30, 2023. These shares could potentially dilute EPS in the future.

(c)Excludes performance-vested restricted stock units (“PSUs”) of 0.9 million for both the three and six months ended June 30, 2024 and 0.9 million of PSUs for both the three and six months ended June 30, 2023, as the Company has not met the required performance metrics. These PSUs could potentially dilute EPS in the future.

(d)Excludes 0.9 million and 1.4 million of outstanding non-qualified stock options (“NQs”) that would have been anti-dilutive to EPS for the three and six months ended June 30, 2024 and 2.3 million of outstanding NQs for both the three and six months ended June 30, 2023. These outstanding NQs could potentially dilute EPS in the future.

(f)The Company paid cash dividends of $0.50 and $1.00 per share during the three and six months ended June 30, 2024 and $0.45 and $0.90 per share during the three and six months ended June 30, 2023.

On August 20, 2007, the Company’s Board of Directors authorized a share repurchase program that enabled it to purchase its common stock. As of June 30, 2024, the Board of Directors has increased the capacity of the program 10 times, most recently in May 2024 by $500 million, bringing the total authorization under the current program to $7.0 billion. Proceeds received from stock option exercises have increased the repurchase capacity by $84 million since the inception of this program. As of June 30, 2024, the Company had $578 million of remaining availability in its program.

The Company had $3 million of excise tax related to share repurchases accrued as of June 30, 2024 and December 31, 2023, included within Treasury stock on the Condensed Consolidated Balance Sheets.