Earnings per Share

9 Months Ended

Sep. 30, 2019

Earnings per Share

Net income is divided by the weighted average number of common shares outstanding during the period to calculate basic earnings per share. Diluted earnings per share is calculated to give effect to stock options and RSUs. The following table summarizes the dilutive effect of RSUs and options to purchase common stock for the three and nine months ended September 30, 2019 and 2018:



	Three months ended September 30,		Nine months ended September 30,
	2019	2018	2019	2018
Weighted average common shares—basic	45,175,244	45,850,288	45,448,711	45,850,187
Dilutive effect of restricted stock units	179,418	203,800	229,003	246,347
Dilutive effect of stock options	61,105	112,470	67,707	102,350
Weighted average common shares—diluted	45,415,767	46,166,558	45,745,421	46,198,884

In February 2019, the Company announced its Board of Directors had authorized the Company to increase the purchase of its common stock up to $75 million in the aggregate. The previous authorization, approved in November 2015, authorized up to $50 million in share repurchases. In the three and nine months ended September 30, 2019, the Company purchased 196,128 and 723,528 shares of its outstanding common stock for approximately $5.7 million and $21.1 million, respectively. During the three and nine months ended September 30, 2018, the Company purchased 23,191 and 124,138 shares of its outstanding common stock for approximately $0.7 million and $3.6 million, respectively.