Net Income per Share

9 Months Ended

Sep. 30, 2019

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


(In thousands)	Three Months Ended September 30,						Nine Months Ended September 30,
		2019		2018		2019		2018
Basic weighted average common shares outstanding	55,847		56,875		56,339		58,519
Effect of dilution:
Stock options	7		31		18		12
Restricted stock units	751		873		861		750
Diluted weighted average common shares outstanding	56,605		57,779		57,218		59,281

Approximately 1.5 million restricted stock units outstanding as of September 30, 2019 and September 30, 2018 have been excluded from diluted weighted average common shares outstanding since a performance condition for these awards was not met in each of the respective periods. As of September 30, 2019, there were 0.3 million restricted stock units that would have been anti-dilutive to the diluted weighted average common shares outstanding.

Stock Repurchase Program

The Company's Board of Directors has authorized a program to repurchase up to $1.5 billion 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 nine months ended September 30, 2019, the Company repurchased 1.3 million shares of its Class A Common Stock at an average purchase price of approximately $54.24 per share. As of September 30, 2019, the Company has $488.8 million of authorization remaining for repurchase under the Stock Repurchase Program.