Earnings per Share

6 Months Ended

Jun. 30, 2021

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. For the three and six months ended June 30, 2020, no restricted shares or options to purchase shares 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 six months ended June 30, 2021 and 2020:


	Three months ended June 30,		Six months ended June 30,
	2021	2020	2021	2020
Weighted average common shares—basic	43,110,191	43,463,235	43,147,599	43,832,144
Dilutive effect of restricted stock units	198,165	—	299,425	—
Dilutive effect of stock options	—	—	24,592	—
Weighted average common shares—diluted	43,308,356	43,463,235	43,471,616	43,832,144

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 six months ended June 30, 2021, the Company purchased 358,047 and 440,218 shares of its outstanding common stock for approximately $11.6 million and $14.2 million, respectively. The Company purchased no shares during the three months ended June 30, 2020 and 1,253,650 shares of its outstanding common stock for approximately $31.6 million during the six months ended June 30, 2020. As of June 30, 2021, the Company has approximately $147.5 million remaining under the repurchase authorization.