Earnings per Share

9 Months Ended

Sep. 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 nine months ended September 30, 2019 and 2018 (in thousands, except per share amounts):



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Numerators:
Net income attributable to Genesee & Wyoming Inc.	$	66,792	$	69,590	$	156,939	$	188,856
Denominators:
Weighted average Class A common shares outstanding – Basic	56,638		59,168		56,497		60,343
Weighted average Class B common shares outstanding	376		664		426		679
Dilutive effect of employee stock-based awards	518		299		374		233
Weighted average shares – Diluted	57,532		60,131		57,297		61,255
Earnings per common share attributable to Genesee & Wyoming Inc. common stockholders:
Basic earnings per common share	$	1.18	$	1.18	$	2.78	$	3.13
Diluted earnings per common share	$	1.16	$	1.16	$	2.74	$	3.08

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		Nine Months Ended
	September 30,		September 30,
	2019	2018	2019	2018
Antidilutive shares	—	704	249	1,045

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 nine months ended September 30, 2019 and 2018 (in thousands, except per share amounts):



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Class A Common Stock repurchased	—		894		65		3,560
Average price paid per share of Class A Common Stock repurchased	$	—	$	87.46	$	73.94	$	75.99

Repurchased shares are recorded in treasury stock, at cost, which includes any applicable commissions and fees. As of September 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 2, Changes in Operations, for additional information regarding the Merger Agreement.