EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. The computation of diluted EPS is similar to the computation of basic EPS except that the numerator is increased to exclude charges that would not have been incurred, and the denominator is increased to include the number of additional common shares that would have been outstanding (using the if-converted and treasury stock methods), if securities containing potentially dilutive common shares (stock options and restricted stock units) had been converted to common shares, and if such assumed conversion is dilutive.

The following is a reconciliation of the weighted-average shares outstanding used in the calculation of basic and diluted earnings per share for the years ended December 31, 2015, 2014, and 2013 (in thousands, except per share data):



	Years Ended December 31,
	2015		2014		2013
Income from continuing operations, net of income taxes	$	83,482	$	69,495	$	59,710

Basic weighted-average common shares outstanding	40,746		40,420		39,597
Assumed exercise of dilutive stock options and restricted stock units	331		614		1,070
Diluted weighted-average common shares outstanding	41,077		41,034		40,667
Continuing operations:
Basic earnings per share	$	2.05	$	1.72	$	1.51
Diluted earnings per share	$	2.03	$	1.69	$	1.47

The following stock options and restricted units were excluded in the computation of diluted earnings per share because they were anti-dilutive (in thousands):



	Years Ended December 31,
	2015	2014	2013
Stock options	155	91	413
Restricted stock units	1	—	—

Stock Buyback

In May 2014, our Board of Directors authorized a program to repurchase up to $25.0 million of our stock over a twelve-month period. Under this program, during the twelve months ended December 31, 2015, we repurchased and retired 1.4 million shares of our common stock for a total of $25.0 million. We completed the share repurchase program in the second quarter of 2014.

In September 2015, our Board of Directors authorized a program to repurchase up to $150.0 million of our stock over a thirty-month period. Under this program, on November 6, 2015, we entered into an accelerated stock repurchase arrangement with Morgan Stanley & Co. LLC (the “Counterparty”) pursuant to a Fixed Dollar Accelerated Share Repurchase Transaction (the “ASR Agreement”) to purchase $50.0 million of shares of our common stock. On November 9, 2015, we advanced $50.0 million to the Counterparty. This transaction used $39.6 million and we received 1.4 million shares of our common stock based on then-current market prices of the $50.0 million advanced, representing 79% of the estimated shares to be repurchased under the ASR Agreement. The initial payment was recorded as a reduction to Stockholders' equity in our Consolidated Balance Sheets as of December 31, 2015. The total number of shares repurchased under the ASR Agreement is based on the average of the daily volume-weighted average prices of the common stock during the term of the Agreement, less a discount. At settlement, if the Counterparty pays less than the original amount advanced, they will be required to reimburse us. If the Counterparty pays more than the original advance, we will chose to reimburse the Counterparty with either cash or additional shares. Final settlement of the ASR Agreement is expected to occur in the second quarter of 2016.

All shares repurchased were executed in the open market and no shares were repurchased from related parties. Repurchased shares were retired and assumed the status of authorized and unissued shares.