Earnings per Share Earnings per Share (Notes)

12 Months Ended

Dec. 31, 2021

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,
	2021	2020	2019
Weighted average common shares—basic	43,006,922	43,581,232	45,303,659
Dilutive effect of restricted stock units	261,858	—	224,946
Dilutive effect of stock options	12,296	—	66,549
Weighted average common shares—diluted	43,281,076	43,581,232	45,595,154

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 2021, 2020 and 2019, the Company purchased 596,084, 1,582,049 and 1,230,050 shares of its outstanding common stock for approximately $19.1 million, $39.4 million and $36.7 million, respectively. As of December 31, 2021, the Company has approximately $142.6 million remaining under the repurchase authorization.

Holders of common stock are entitled to dividends at the discretion of the Company's Board of Directors. In 2021, the Company's Board of Directors declared the first dividend since the Company's initial public offering in 2007. The Company's dividends declared were $0.04 per share of common stock and total dividends paid in cash were $1.7 million for the year ended December 31, 2021.