XML 30 R19.htm IDEA: XBRL DOCUMENT v3.24.2
Net Income Attributable to IPG Photonics Corporation Per Common Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
NET INCOME ATTRIBUTABLE TO IPG PHOTONICS CORPORATION PER COMMON SHARE 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 June 30,Six Months Ended June 30,
2024202320242023
Net income attributable to IPG Photonics Corporation common stockholders$20,154 $62,321 $44,253 $122,456 
Basic weighted average common shares44,917,696 47,316,342 45,439,126 47,428,639 
Dilutive effect of common stock equivalents94,778 136,918 162,313 189,523 
Diluted weighted average common shares45,012,474 47,453,260 45,601,439 47,618,162 
Basic net income attributable to IPG Photonics Corporation per common share$0.45 $1.32 $0.97 $2.58 
Diluted net income attributable to IPG Photonics Corporation per common share$0.45 $1.31 $0.97 $2.57 
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 and six months ended June 30, 2024 and 2023 were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
Non-qualified stock options603,281 538,442 598,073 540,912 
Restricted stock units235,619 420,750 235,739 397,861 
Performance stock units59,350 64,590 59,350 47,818 
Total weighed average anti-dilutive shares outstanding898,250 1,023,782 893,162 986,591 
On February 13, 2024, the Company announced that its Board of Directors has authorized the purchase of up to $300,000 of IPG common stock. This authorization is in addition to the Company's stock repurchase programs authorized in May 2023.
For the three months ended June 30, 2024, the Company repurchased 1,404,249 shares under the May 2023 authorization and February 2024 authorization with a weighted average price of $86.32 per share in the open market. For the six months ended June 30, 2024, the Company repurchased 2,362,174 shares under the May 2023 authorization and February 2024 authorization with a weighted average price of $88.92 per share in the open market. The impact on the reduction of weighted average shares for the three and six months ended June 30, 2024 was 662,348 shares and 1,028,573 shares, respectively. As of June 30, 2024, the Company has completed all the repurchases under the May 2023 authorization and up to $180,484 remains available under the February 2024 authorization.