Capital Stock (Notes) |
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| Capital Stock | Capital Stock
Stock Repurchase Program. On July 26, 2018, we announced a stock repurchase program authorizing us to repurchase up to $30 billion of our common stock. The stock repurchase program has no expiration date.
In the six months ended March 28, 2021 and March 29, 2020, we repurchased and retired 14 million and 29 million shares, respectively, for $2.0 billion and $2.3 billion, respectively, before commissions. To reflect share repurchases in the consolidated balance sheet, we (i) reduce common stock for the par value of the shares, (ii) reduce paid-in capital for the amount in excess of par to zero during the quarter in which the shares are repurchased and (iii) record the residual amount, if any, to retained earnings. At March 28, 2021, $2.6 billion remained authorized for repurchase under our stock repurchase program.
Dividends. On March 10, 2021, we announced a 5% increase in our quarterly dividend per share of common stock from $0.65 to $0.68, which is effective for dividends payable after March 25, 2021. On April 14, 2021, we announced a cash dividend of $0.68 per share on our common stock, payable on June 24, 2021 to stockholders of record as of the close of business on June 3, 2021.
Earnings Per Common Share. Basic earnings per common share is computed by dividing net income by the weighted-average number of common shares outstanding during the reporting period. Diluted earnings per share is computed by dividing net income by the combination of the weighted-average number of dilutive common share equivalents, comprised of shares issuable under our share-based compensation plans and the weighted-average number of common shares outstanding during the reporting period. The following table provides information about the diluted earnings per share calculation (in millions):
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