Net Income per Share

6 Months Ended

Jun. 30, 2020

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


(In thousands)	Three Months Ended June 30,						Six Months Ended June 30,
		2020		2019		2020		2019
Basic weighted average common shares outstanding	52,311		56,590		53,894		56,589
Effect of dilution:
Stock options	—		15		—		24
Restricted stock units	486		730		535		916
Diluted weighted average common shares outstanding	52,797		57,335		54,429		57,529

Approximately 1.2 million and 1.5 million restricted stock units outstanding as of June 30, 2020 and June 30, 2019, respectively, 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 June 30, 2020 and June 30, 2019, 0.7 million and 0.3 million, respectively, of restricted stock units and stock options have been excluded from diluted weighted average common shares outstanding, as their impact would have been anti-dilutive.

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 six months ended June 30, 2020, the Company repurchased 4.0 million shares of its Class A Common Stock at an average purchase price of approximately $25.85 per share. As of June 30, 2020, the Company has $385.9 million of authorization remaining for repurchase under the Stock Repurchase Program.