Net Income Attributable to IPG Photonics Corporation Per Common Share

3 Months Ended

Mar. 31, 2022

NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION PER COMMON SHARE

The following table sets forth the computation of diluted net income attributable to IPG Photonics Corporation per common share following the treasury stock method:


	Three Months Ended March 31,
	2022		2021
Net income attributable to IPG Photonics Corporation common stockholders	$	69,572	$	68,127


Basic weighted average common shares	52,809,654		53,541,270
Dilutive effect of common stock equivalents	289,885		659,912
Diluted weighted average common shares	53,099,539		54,201,182
Basic net income attributable to IPG Photonics Corporation per common share	$	1.32	$	1.27


Diluted net income attributable to IPG Photonics Corporation per common share	$	1.31	$	1.26

The computation of diluted weighted average common shares excludes common stock equivalents including non-qualified stock options, performance stock units ("PSUs"), restricted stock units ("RSUs") and employee stock purchase plan

("ESPP") because the effect of including them would be anti-dilutive. The weighted average anti-dilutive shares outstanding for the three months ended March 31, 2022 and 2021 were as follows:


	Three Months Ended March 31,
	2022	2021
Non-qualified stock options	472,699	202,500
Restricted stock units	205,272	61,100
Performance stock units	31,560	13,800

Total weighed average anti-dilutive shares outstanding	709,531	277,400

On February 15, 2022, the Company announced that its Board of Directors has authorized the purchase of up to $200,000 of IPG common stock. This new authorization is in addition to the Company's existing stock repurchase program authorized in May 2020. Share repurchases may be made periodically in open-market transactions, and are subject to market conditions, legal requirements and other factors. The share repurchase program authorization does not obligate the Company to repurchase any dollar amount or number of its shares, and repurchases may be commenced or suspended from time to time without prior notice.

For the three months ended March 31, 2022, the Company repurchased 601,115 shares of common stock under the May 2020 authorization with an average price of $130.99 per share in the open market. The impact on the reduction of weighted average shares for the three months ended March 31, 2022 was 262,657 shares. As of March 31, 2022, the remaining amount under the May 2020 authorization and February 2022 authorization was up to $233,000.