Common Share and Earnings Per Common Share

Basic and diluted earnings per share amounts were calculated by dividing net income by the weighted average number of common shares outstanding. The numerators and denominators used to calculate basic and diluted earnings per share are as follows (in thousands):



	For the Three Months Ended
	February 28, 2019			March 31, 2018
Numerator for earnings per share:
Net income attributable to Jefferies Financial Group Inc. common shareholders	$	44,811		$	124,525
Allocation of earnings to participating securities (1)	(255		)	(499		)
Net income attributable to Jefferies Financial Group Inc. common shareholders for basic earnings per share	44,556			124,026
Adjustment to allocation of earnings to participating securities related to diluted shares (1)	(7		)	(1		)
Mandatorily redeemable convertible preferred share dividends	—			1,172
Net income attributable to Jefferies Financial Group Inc. common shareholders for diluted earnings per share	$	44,549		$	125,197

Denominator for earnings per share:
Weighted average common shares outstanding	304,533			356,576
Weighted average shares of restricted stock outstanding with future service required	(1,828		)	(1,285		)
Weighted average RSUs outstanding with no future service required	12,470			11,136
Denominator for basic earnings per share – weighted average shares	315,175			366,427
Stock options	—			30
Senior executive compensation plan awards	3,577			2,842
Mandatorily redeemable convertible preferred shares	—			4,162
Denominator for diluted earnings per share	318,752			373,461

(1)

Represents dividends declared during the period on participating securities plus an allocation of undistributed earnings to participating securities. Net losses are not allocated to participating securities. Participating securities represent restricted stock and RSUs for which requisite service has not yet been rendered and amounted to weighted average shares of 1,831,000 and 1,317,000 for the for the three months ended February 28, 2019 and March 31, 2018, respectively. Dividends declared on participating securities were not material during the three months ended February 28, 2019 and March 31, 2018. Undistributed earnings are allocated to participating securities based upon their right to share in earnings if all earnings for the period had been distributed.

For the three months ended February 28, 2019, shares related to the mandatorily redeemable convertible preferred shares were not included in the computation of diluted per share amounts as the effect was antidilutive.

The Board of Directors from time to time has authorized the repurchase of our common shares. In January 2019, the Board of Directors approved an additional $500.0 million share repurchase authorization. During the three months ended February 28, 2019, we purchased a total of 9,600,000 of our common shares for an aggregate purchase price of $194.7 million under these authorizations. At February 28, 2019, $305.3 million remained available for repurchase.