EARNINGS PER SHARE EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2019

13. EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income attributable to WESCO International by the weighted-average number of common shares outstanding during the periods. Diluted earnings per share is computed by dividing net income attributable to WESCO International by the weighted-average common shares and common share equivalents outstanding during the periods. The dilutive effect of common share equivalents is considered in the diluted earnings per share computation using the treasury stock method, which includes consideration of equity awards.

The following table sets forth the details of basic and diluted earnings per share:



	Year Ended December 31,
	2019		2018		2017
(In thousands, except per share data)
Net income attributable to WESCO International	$	223,426	$	227,343	$	163,460
Weighted-average common shares outstanding used in computing basic earnings per share	43,104		46,722		47,849
Common shares issuable upon exercise of dilutive equity awards	383		477		512
Weighted-average common shares outstanding and common share equivalents used in computing diluted earnings per share	43,487		47,199		48,361
Earnings per share attributable to WESCO International
Basic	$	5.18	$	4.87	$	3.42
Diluted	$	5.14	$	4.82	$	3.38

The computation of diluted earnings per share attributable to WESCO International excluded equity awards of approximately 1.7 million, 1.6 million and 1.3 million for the years ended December 31, 2019, 2018 and 2017, respectively. These shares were excluded because their effect would have been antidilutive.

In December 2014, the Company's Board of Directors (the "Board") authorized the repurchase of up to $300 million of the Company's common stock through December 31, 2017 (the "2014 Repurchase Authorization"). During the year ended December 31, 2017, the Company repurchased 1,778,537 shares for $100.0 million.

In December 2017, the Board authorized the repurchase of up to $300 million of the Company's common stock through December 31, 2020 (the "2017 Repurchase Authorization"). In October 2018, the Board approved an increase to the 2017 Repurchase Authorization from $300 million to $400 million. During the year ended December 31, 2018, the Company entered into accelerated stock repurchase agreements with a financial institution to repurchase shares of its common stock pursuant to its 2017 Repurchase Authorization. In exchange for up-front cash payments totaling $125.0 million, the Company received 2,368,738 shares, of which 365,272 shares were settled in 2019.

On May 7, 2019, the Company entered into an accelerated stock repurchase agreement with a financial institution to repurchase additional shares of its common stock pursuant to the 2017 Repurchase Authorization. In exchange for an up-front cash payment of $150.0 million, the Company received a total of 3,090,312 shares. As of December 31, 2019, WESCO had repurchased 5,459,030 shares of common stock for $275.0 million under the 2017 Repurchase Authorization.

The total number of shares ultimately delivered under the accelerated stock repurchase transactions described above were determined by the average of the volume-weighted-average price of the Company's common stock for each exchange business day during the respective settlement valuation periods. WESCO funded the repurchases with available cash, and borrowings under its accounts receivable securitization and revolving credit facilities. For purposes of computing earnings per share, share repurchases have been reflected as a reduction to common shares outstanding on the respective delivery dates.