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 our diluted EPS is similar to the computation of our basic EPS except that 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 our outstanding 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 EPS for the three months ended March 31, 2018 and 2017:



	Three Months Ended March 31,
	2018		2017
Income from continuing operations	$	46,370	$	35,441
Income attributable to noncontrolling interest	31		—
Income from continuing operations attributable to Advanced Energy Industries, Inc.	$	46,339	$	35,441

Basic weighted-average common shares outstanding	39,619		39,738
Assumed exercise of dilutive stock options and restricted stock units	376		441
Diluted weighted-average common shares outstanding	39,995		40,179
Continuing operations:
Basic earnings per share	$	1.17	$	0.89
Diluted earnings per share	$	1.16	$	0.88

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

Stock Buyback

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. In November 2017, our Board of Directors approved an extension to the share repurchase program to December 2019 from its original maturity of March 2018. As of March 31, 2018, we had $57.3 million remaining for the authorized repurchase of shares.

In March 2018, we entered into Stock Repurchase Plan and Agreement to repurchase up to $50.0 million of our common stock through December 31, 2018 subject to certain pricing conditions. In March 2018 we repurchased $12.8 million of shares of our common stock in the open market under the Stock Repurchase Plan and Agreement. A total of 180,942 shares of our common stock was repurchased at an average price of $70.47 per share. There were no shares repurchased from related parties. The $12.8 million share repurchase was recognized as a reduction to Additional paid-in capital. Repurchased shares were retired and assumed the status of authorized and unissued shares. As of March 31, 2018, we had $37.2 million remaining for the authorized repurchase of shares under the Stock Repurchase Plan and Agreement. Subsequent to March 31, 2018 we repurchased $15.7 million of shares of our common stock in the open market under the Stock Repurchase Plan and Agreement. A total of 254,015 shares of our common stock was repurchased at an average price of $62.01 per share.

Three Months Ended March 31,

Restricted stock units