Net Income per Share

3 Months Ended

Mar. 31, 2020

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


(In thousands)	Three Months Ended March 31,
		2020		2019
Basic weighted average common shares outstanding	55,477		56,588
Effect of dilution:
Stock options	—		33
Restricted stock units	584		1,104
Diluted weighted average common shares outstanding	56,061		57,725

Approximately 1.3 million and 1.5 million restricted stock units outstanding as of March 31, 2020 and March 31, 2019 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 March 31, 2020, there were 0.4 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 three months ended March 31, 2020, the Company repurchased 3.3 million shares of its Class A Common Stock at an average purchase price of approximately $26.09 per share. As of March 31, 2020, the Company has $402.9 million of authorization remaining for repurchase under the Stock Repurchase Program.