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				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025




Net income attributable to Travel + Leisure Co. shareholders	$	108	$	111	$	296	$	291

Earnings per share (a)
Basic	$	1.77	$	1.70	$	4.76	$	4.40
Diluted	$	1.73	$	1.67	$	4.66	$	4.35











Basic weighted average shares outstanding	61.3		65.2		62.1		66.1
RSUs,(b) PSUs (c) and NQs (d)	1.3		0.9		1.4		0.8
Diluted weighted average shares outstanding (e)	62.6		66.1		63.5		66.9

Dividends:
Aggregate dividends paid to shareholders (f)	$	36	$	36	$	114	$	114

(b)Excludes less than 0.1 million of restricted stock units (“RSUs”) that would have been anti-dilutive to EPS for both the three and nine months ended September 30, 2026, and less than 0.1 million and 0.4 million of RSUs that would have been anti-dilutive to EPS for the three and nine months ended September 30, 2025.

(c)Excludes performance-vested restricted stock units (“PSUs”) of 0.5 million for the three and nine months ended September 30, 2026 and 0.8 million for the three and nine months ended September 30, 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 nine months ended September 30, 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 $1.80 per share during the three and nine months ended September 30, 2026 and $0.56 and $1.68 per share during the three and nine months ended September 30, 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 September 30, 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 $117 million since the inception of this program. As of September 30, 2026, the Company had $671 million of remaining availability in its program.

The Company incurred $2 million and $1 million of excise tax related to share repurchases during the nine months ended September 30, 2026 and 2025, included within Treasury stock on the Condensed Consolidated Balance Sheets.