Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2024

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

(a)Earnings per share amounts are calculated using whole numbers.

(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.

(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.

(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.

Current Stock Repurchase Program

The following table summarizes stock repurchase activity under the current share repurchase program (in millions):


	Shares	Cost
As of December 31, 2023	127.8	$	6,411
Repurchases	2.2	95
As of June 30, 2024	130.0	$	6,506