Earnings per Share

3 Months Ended

Mar. 31, 2020

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 months ended March 31, 2020 and 2019:



	Three months ended March 31,
	2020	2019
Weighted average common shares—basic	44,201,053	45,578,815
Dilutive effect of restricted stock units	217,074	333,020
Dilutive effect of stock options	52,345	80,347
Weighted average common shares—diluted	44,470,472	45,992,182

In March 2020, the Company announced its Board of Directors had authorized the Company to increase the purchase of its common stock up to $250 million in the aggregate. The initial authorization, approved in November 2015, authorized up to $50 million in the aggregate of its common stock. In the three months ended March 31, 2020, the Company purchased 1,253,650 shares of its outstanding common stock for approximately $31.6 million. During the three months ended March 31, 2019, the Company purchased 24,900 shares of its outstanding common stock for approximately $0.7 million.