Earnings per Share

6 Months Ended

Jun. 30, 2019

EARNINGS PER COMMON SHARE:

The following table sets forth the computation of basic and diluted earnings per common share for the three and six months ended June 30, 2019 and 2018 (in thousands, except per share amounts):



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Numerators:
Net income attributable to Genesee & Wyoming Inc.	$	51,441	$	44,168	$	90,147	$	119,266
Denominators:
Weighted average Class A common shares outstanding – Basic	56,536		59,996		56,433		60,946
Weighted average Class B common shares outstanding	405		673		452		687
Dilutive effect of employee stock-based awards	331		210		297		208
Weighted average shares – Diluted	57,272		60,879		57,182		61,841
Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders:
Basic earnings per common share	$	0.91	$	0.74	$	1.60	$	1.96
Diluted earnings per common share	$	0.90	$	0.73	$	1.58	$	1.93

The following total number of shares of Class A Common Stock issuable under the assumed exercise of stock-based awards computed based on the treasury stock method were excluded from the calculation of diluted earnings per common share, as the effect of including these shares would have been antidilutive (in thousands):



	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2019	2018	2019	2018
Antidilutive shares	257	1,130	566	1,043

Share Repurchase

In October 2018, the Company completed its $300 million share repurchase program that had been approved in 2015, and the Company's Board of Directors authorized a new $500 million share repurchase program of Class A Common Stock, subject to certain limitations under the Company's credit facility. The table below presents information regarding shares repurchased by the Company under the share repurchase programs during the three and six months ended June 30, 2019 and 2018 (in thousands, except per share amounts):



	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Class A Common Stock repurchased	—		1,873		65		2,666
Average price paid per share of Class A Common Stock repurchased	$	—	$	72.04	$	73.94	$	72.14

Repurchased shares are recorded in treasury stock, at cost, which includes any applicable commissions and fees. As of June 30, 2019, the remaining amount authorized for repurchase under the $500 million share repurchase program was $335.0 million. In light of the Company's entry into the merger agreement with affiliates of Brookfield Infrastructure and GIC, future share repurchases under the repurchase program have been suspended. See Note 15, Subsequent Events, for additional information regarding the merger agreement.