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
	March 31,
	2026		2025




Net income attributable to Travel + Leisure Co. shareholders	$	79	$	73

Earnings per share (a)
Basic	$	1.25	$	1.09
Diluted	$	1.22	$	1.07











Basic weighted average shares outstanding	62.9		67.1
RSUs,(b) PSUs (c) and NQs (d)	1.5		1.1
Diluted weighted average shares outstanding (e)	64.4		68.2

Dividends:
Aggregate dividends paid to shareholders (f)	$	41	$	41

(b)Excludes 0.2 million of restricted stock units (“RSUs”) that would have been anti-dilutive to EPS for the three months ended March 31, 2025.

(c)Excludes performance-vested restricted stock units (“PSUs”) of 0.5 million and 0.9 million for the three months ended March 31, 2026 and 2025, as the Company has not met the required performance metrics. These PSUs could potentially dilute EPS in the future.

(d)Excludes 0.1 million of outstanding non-qualified stock options (“NQs”) that would have been anti-dilutive to EPS for the three months ended March 31, 2025.

(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 $0.60 and $0.56 per share during the three months ended March 31, 2026 and 2025.

On August 20, 2007, the Company’s Board of Directors (“Board”) authorized a share repurchase program that enabled it to purchase its common stock. As of March 31, 2026, the Board has increased the capacity of the program 11 times, most recently in February 2026 by $750 million, bringing the total authorization under the current program to $7.75 billion. Proceeds received from stock option exercises have increased the repurchase capacity by $115 million since the inception of this program. As of March 31, 2026, the Company had $832 million of remaining availability in its program.

The Company incurred $1 million of excise tax related to share repurchases during both the three months ended March 31, 2026 and 2025, included within Treasury stock on the Condensed Consolidated Balance Sheets.