Earnings per Share

9 Months Ended

Sep. 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 nine months ended September 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 nine months ended September 30, 2021 and 2020:


	Three months ended September 30,		Nine months ended September 30,
	2021	2020	2021	2020
Weighted average common shares—basic	42,889,922	43,457,704	43,061,707	43,707,331
Dilutive effect of restricted stock units	204,177	—	267,675	—
Dilutive effect of stock options	—	—	16,395	—
Weighted average common shares—diluted	43,094,099	43,457,704	43,345,777	43,707,331

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, 2021, the Company purchased 129,866 and 570,084 shares of its outstanding common stock for approximately $4.0 million and $18.2 million, respectively. During 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. As of September 30, 2021, the Company has approximately $143.5 million remaining under the repurchase authorization.