EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income by the weighted-average number of common shares outstanding during the periods. Diluted earnings per share is computed by dividing net income 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 and contingently convertible debt.

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



	Three Months Ended					Nine Months Ended
	September 30,					September 30,
(In thousands, except per share data)	2016			2015		2016		2015
Net (loss) income attributable to WESCO International, Inc.	$	(31,611	)	$	63,503	$	54,243	$	162,273
Weighted-average common shares outstanding used in computing basic earnings per share	43,378			43,191		42,611		43,860
Common shares issuable upon exercise of dilutive equity awards	511			538		519		717
Common shares issuable from contingently convertible debentures (see below for basis of calculation)	4,851			5,989		4,908		6,738
Weighted-average common shares outstanding and common share equivalents, diluted	48,740			49,718		48,038		51,315
Weighted-average common shares outstanding and common share equivalents used in computing diluted earnings per share	43,378			49,718		48,038		51,315
(Loss) earnings per share attributable to WESCO International, Inc.
Basic	$	(0.73	)	$	1.47	$	1.27	$	3.70
Diluted	$	(0.73	)	$	1.28	$	1.13	$	3.16

For the three and nine months ended September 30, 2016, the computation of diluted (loss) earnings per share attributable to WESCO International, Inc. excluded stock-based awards of approximately 1.3 million. For the three and nine months ended September 30, 2015, the computation of diluted earnings per share attributable to WESCO International, Inc. excluded stock-based awards of approximately 1.6 million and 1.0 million. These amounts were excluded because their effect would have been antidilutive.

Because of WESCO’s previous obligation to settle the par value of the 2029 Debentures in cash upon conversion, WESCO was required to include shares underlying the 2029 Debentures in its diluted weighted-average shares outstanding when the average stock price per share for the period exceeded the conversion price of the debentures. Only the number of shares that would be issuable under the treasury stock method of accounting for share dilution were included, which was based upon the amount by which the average stock price exceeded the conversion price. The conversion price of the 2029 Debentures was $28.87. As a result of the net loss attributable to WESCO International, Inc. for the three months ended September 30, 2016, dilutive shares were not included in the calculation of diluted loss per share because their effect was antidilutive. For the nine months ended September 30, 2016, the effect of the 2029 Debentures on diluted earnings per share attributable to WESCO International, Inc. was a decrease of $0.13. For the three and nine months ended September 30, 2015, the effect of the 2029 Debentures on diluted earnings per share attributable to WESCO International, Inc. was a decrease of $0.17 and $0.48, respectively.

In December 2014, the Company's Board of Directors authorized the repurchase of up to $300 million of the Company's common stock through December 31, 2017. During the year ended December 31, 2015, the Company entered into accelerated stock repurchase agreements (the "ASR Transactions") with certain financial institutions to purchase shares of its common stock. In exchange for up-front cash payments totaling $150.0 million, the Company received 2,468,576 shares during the nine months ended September 30, 2015. The total number of shares ultimately delivered under the ASR Transactions was determined by the average of the volume-weighted-average prices of the Company's common stock for each exchange business day during the respective settlement valuation periods. WESCO funded the repurchases with borrowings under its prior revolving credit facility. For purposes of computing earnings per share, share repurchases were reflected as a reduction to common shares outstanding on the respective share delivery dates.