Earnings per Share Earnings per Share (Notes)

12 Months Ended

Dec. 31, 2018

Earnings per Share

Net income is divided by the weighted average number of common shares outstanding during the year to calculate basic earnings per share. Diluted earnings per share is calculated to give effect to stock options and RSUs. For the year ended December 31, 2016, no restricted shares or stock options were included in the computation of net income (loss) per share because to do so would be anti-dilutive. The following table summarizes the dilutive effect of restricted shares and options to purchase common stock:



	Year ended December 31,
	2018	2017	2016
Weighted average common shares—basic	45,824,555	45,682,627	45,407,316
Dilutive effect of restricted share awards	242,204	241,974	—
Dilutive effect of stock options	103,705	65,651	—
Weighted average common shares—diluted	46,170,464	45,990,252	45,407,316

In November 2015, the Company announced its Board of Directors had authorized the Company to purchase up to $50 million in the aggregate of its common stock. During 2018, the Company purchased 442,632 shares of its outstanding common stock for approximately $12.1 million. The Company did not purchase any shares of its outstanding common stock during 2017 or 2016.