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Net Income Attributable to IPG Photonics Corporation Per Common Share
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
2024202320242023
Net (loss) income attributable to IPG Photonics Corporation common stockholders$(233,594)$54,994 $(189,341)$177,450 
Basic weighted average common shares43,837,357 47,236,901 44,901,247 47,363,974 
Dilutive effect of common stock equivalents— 151,218 — 171,661 
Diluted weighted average common shares43,837,357 47,388,119 44,901,247 47,535,635 
Basic net (loss) income attributable to IPG Photonics Corporation per common share$(5.33)$1.16 $(4.22)$3.75 
Diluted net (loss) income attributable to IPG Photonics Corporation per common share$(5.33)$1.16 $(4.22)$3.73 
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 nine months ended September 30, 2024 and 2023 were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2024202320242023
Non-qualified stock options672,225 529,228 603,058 537,065 
Restricted stock units202,368 55,201 232,622 376,382 
Performance stock units87,662 — 58,872 53,470 
Employee stock purchase plan10,494 — 41,977 — 
Total weighed average anti-dilutive shares outstanding972,749 584,429 936,529 966,917 
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 September 30, 2024, the Company repurchased 984,060 shares under the February 2024 authorization with a weighted average price of $74.90 per share in the open market. For the nine months ended September 30, 2024, the Company repurchased 3,346,234 shares under the May 2023 authorization and February 2024 authorization with a weighted average price of $84.79 per share in the open market. The impact on the reduction of weighted average shares for the three and nine months ended September 30, 2024 was 391,942 shares and 1,607,958 shares, respectively. As of September 30, 2024, the Company had $106,781 remaining under the February 2024 authorization.