Earnings per Share

9 Months Ended

Sep. 30, 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. For the three and nine months ended September 30, 2020, 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 RSUs and options to purchase common stock for the three and nine months ended September 30, 2020 and 2019:


	Three months ended September 30,		Nine months ended September 30,
	2020	2019	2020	2019
Weighted average common shares—basic	43,457,704	45,175,244	43,707,331	45,448,711
Dilutive effect of restricted stock units	—	179,418	—	229,003
Dilutive effect of stock options	—	61,105	—	67,707
Weighted average common shares—diluted	43,457,704	45,415,767	43,707,331	45,745,421

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 of purchases in the aggregate of its common stock. In the three and nine months ended September 30, 2020, the Company purchased 188,028 and 1,441,678 shares of its outstanding common stock for approximately $4.5 million and $36.0 million, respectively. During 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. As of September 30, 2020, the Company has approximately $165.1 million remaining under the repurchase authorization.