Earnings Per Share

6 Months Ended

Jun. 30, 2019

Basic earnings per share are calculated by dividing net earnings attributable to Encore by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share are calculated based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options, restricted stock, and the dilutive effect of the convertible and exchangeable senior notes, if applicable.

A reconciliation of shares used in calculating earnings per basic and diluted shares follows (in thousands, except per share amounts):



	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Net income attributable to Encore Capital Group, Inc. stockholders	$	36,661	$	26,298	$	85,915	$	48,125

Total weighted-average basic shares outstanding	31,225		26,150		31,193		26,103
Dilutive effect of stock-based awards	201		259		179		310
Total weighted-average dilutive shares outstanding	31,426		26,409		31,372		26,413

Basic earnings per share	$	1.17	$	1.01	$	2.75	$	1.84
Diluted earnings per share	$	1.17	$	1.00	$	2.74	$	1.82

Anti-dilutive employee stock options outstanding were approximately 13,000 and 115,000 during the three and six months ended June 30, 2019, respectively. Anti-dilutive employee stock options outstanding were approximately 13,000 during each of the three and six months ended June 30, 2018, respectively.