Net Income Per Share

3 Months Ended

Mar. 31, 2017

Net Income per Share

The following is a reconciliation between basic and diluted weighted average shares outstanding:



(In thousands)	Three Months Ended March 31,
(In thousands)	2017	2016
Basic weighted average common shares outstanding	68,020	72,579
Effect of dilution:
Stock options	—	51
Restricted stock units	744	644
Diluted weighted average common shares outstanding	68,764	73,274

For the three months ended March 31, 2017, there were 388,000 stock options and 404,000 restricted stock units that would have been anti-dilutive to the diluted weighted average common shares outstanding. For the three months ended March 31, 2016, there were no stock options or restricted stock units that would have been anti-dilutive to the diluted weighted average common shares outstanding. Approximately 175,000 and 137,000 restricted stock units for the three months ended March 31, 2017 and March 31, 2016, respectively, have been excluded from diluted weighted average common shares outstanding since a performance condition on these awards was not met in each of the respective periods. The Company did not include performance restricted stock units in the calculation of diluted EPS, since the performance conditions for these awards were not met.

Stock Repurchase Program

On March 4, 2016. the Company’s Board of Directors authorized a program to repurchase up to $500 million of its outstanding shares of common stock (the “Stock Repurchase Program”). The Stock Repurchase Program has no pre-established closing date and may be suspended or discontinued at any time. For the three months ended March 31, 2017, the Company repurchased 1,615,386 shares of its Class A common stock at an average purchase price of approximately $56.60 per share. As of March 31, 2017, the Company has $185.3 million available for repurchase under the Stock Repurchase Program.