Basic and diluted net income per share of Class A common stock for the three and six months ended June 30, 2019 and 2018 is presented below:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Numerator:
Net Income Attributable to PJT Partners Inc.	$	4,826	$	6,945	$	5,927	$	12,181
Less:
Dividends on Participating Securities		6		73		11		83
Net Income Attributable to Participating Securities		7		39		7		73
Net Income Attributable to Shares of Class A Common Stock — Basic		4,813		6,833		5,909		12,025
Incremental Net Income from Dilutive Securities	(a)			378	(a)			496
Net Income Attributable to Shares of Class A Common Stock — Diluted	$	4,813	$	7,211	$	5,909	$	12,521
Denominator:
Weighted-Average Shares of Class A Common Stock Outstanding — Basic		24,572,535		22,641,562		24,157,671		20,987,863
Weighted-Average Number of Incremental Shares from Unvested RSUs and Partnership Units	(a)			1,543,458	(a)			1,701,481
Weighted-Average Shares of Class A Common Stock Outstanding — Diluted		24,572,535		24,185,020		24,157,671		22,689,344
Net Income Per Share of Class A Common Stock
Basic	$	0.20	$	0.30	$	0.24	$	0.57
Diluted	$	0.20	$	0.30	$	0.24	$	0.55

Partnership Units may be exchanged for PJT Partners Inc. Class A common stock on a one-for-one basis, subject to applicable vesting and transfer restrictions. If all Partnership Units were exchanged for Class A common stock, weighted-average Class A common stock outstanding would be 40,523,710 and 40,130,115 for the three and six months ended June 30, 2019, respectively, excluding unvested restricted stock units (“RSUs”) and participating RSUs. In computing the dilutive effect, if any, which the aforementioned exchange would have on net income per share, net income attributable to holders of Class A common stock would be adjusted due to the elimination of the non-controlling interests associated with the Partnership Units (including any tax impact). For the three and six months ended June 30, 2019, such exchange is not reflected in diluted net income per share as the assumed exchange is not dilutive.

The following table summarizes the anti-dilutive securities for the three and six months ended June 30, 2019 and 2018 that have been excluded from the calculation of net income per share of Class A common stock:

	Three Months Ended June 30,				Six Months Ended June 30,
	2019		2018		2019		2018
Weighted-Average Unvested RSUs		566,311	(a)			898,124	(a)
Weighted-Average Participating RSUs		54,762		151,707		53,294		153,243
Weighted-Average Partnership Units		15,951,175		15,498,371		15,972,444		15,012,188

On April 24, 2019, the Company’s Board of Directors authorized the repurchase of shares of the Company’s Class A common stock in an amount up to $100 million, which is in addition to the previous October 26, 2017 authorization. Under the repurchase program, shares of the Company’s Class A common stock may be repurchased from time to time in open market transactions, in privately negotiated transactions or otherwise. The timing and the actual number of shares repurchased depend on a variety of factors, including legal requirements, price and economic and market conditions. The repurchase program may be suspended or discontinued at any time and does not have a specified expiration date.

During the six months ended June 30, 2019, the Company repurchased 639,204 shares of Class A common stock at an average price of $40.15, or $25.7 million in aggregate, pursuant to the share repurchase program. As of June 30, 2019, the available amount remaining for repurchases under this program was $107.2 million.