Basic earnings per share (“EPS”) is computed as net income divided by the weighted-average number of shares of common stock outstanding for the period. Diluted EPS is computed assuming conversion of all potentially dilutive securities including the dilutive effect of stock options, unvested restricted stock awards and other potentially dilutive securities. The table below presents the weighted-average number of shares of common stock used to calculate basic and diluted earnings per share:

	Three Months Ended March 31,
(in thousands)	2020		2019
Weighted-average number of shares of common stock for calculating basic earnings per share		24,292		24,195
Effect of potentially dilutive securities from equity-based compensation		446		345
Weighted-average number of shares of common stock for calculating diluted earnings per share		24,738		24,540

There were no anti-dilutive securities excluded from the computation of diluted earnings per share in the three months ended March 31, 2020 and 2019.

The Company has made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions, through privately negotiated, large block transactions and through a share repurchase plan, in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934. In August 2015, the Company’s Board of Directors authorized the Company to repurchase 2,000,000 shares of the Company's outstanding common stock. The amount and time of the specific repurchases are subject to prevailing market conditions, applicable legal requirements and other factors, including management’s discretion. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. There can be no assurance that any authorized shares will be repurchased and the repurchase program may be modified, extended or terminated by the board of directors at any time. There were 163,946 shares of common stock repurchased during the three months ended March 31, 2020 for the aggregate purchase price of $7.9 million, or an average price of $47.89 per repurchased share. There were no shares repurchased in the three months ended March 31, 2019. As of March 31, 2020, 1,428,080 shares remained authorized for repurchase.