Earnings per Share Earnings per Share (Notes)

12 Months Ended

Dec. 31, 2020

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. For the year ended December 31, 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:


	Year ended December 31,
	2020	2019	2018
Weighted average common shares—basic	43,581,232	45,303,659	45,824,555
Dilutive effect of restricted stock units	—	224,946	242,204
Dilutive effect of stock options	—	66,549	103,705
Weighted average common shares—diluted	43,581,232	45,595,154	46,170,464

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. During 2020, 2019 and 2018, the Company purchased 1,582,049, 1,230,050 and 442,632 shares of its outstanding common stock for approximately $39.4 million, $36.7 million and $12.1 million, respectively. As of December 31, 2020, the Company has approximately $161.7 million remaining under the repurchase authorization.