10. 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 and contingently convertible debt.

The following tables set forth the details of basic and diluted earnings per share:



	Year Ended December 31,
	2017		2016		2015
(In thousands, except per share data)
Net income attributable to WESCO International	$	163,460	$	101,588	$	210,687
Weighted-average common shares outstanding used in computing basic earnings per share	47,849		44,116		43,433
Common shares issuable upon exercise of dilutive equity awards	512		543		626
Common shares issuable from contingently convertible debentures (see below for basis of calculation)	—		3,674		6,314
Weighted-average common shares outstanding and common share equivalents used in computing diluted earnings per share	48,361		48,333		50,373
Earnings per share attributable to WESCO International
Basic	$	3.42	$	2.30	$	4.85
Diluted	$	3.38	$	2.10	$	4.18

The computation of diluted earnings per share attributable to WESCO International excluded equity awards of approximately 1.3 million for the year ended December 31, 2017 and approximately 1.2 million for the years ended December 31, 2016 and 2015. These shares 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 have been 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 and the maximum amount of share dilution was limited to 11,951,932 shares. Since the 2029 Debentures were redeemed on September 15, 2016, there was no dilution from contingently convertible debentures for the year ended December 31, 2017. For the years ended December 31, 2016 and 2015, the effect of the 2029 Debentures on diluted earnings per share attributable to WESCO International was a decrease of $0.17 and $0.60, 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. As of December 31, 2016, WESCO had repurchased 2,468,576 shares of the Company's common stock for $150.0 million under this repurchase authorization. During the year ended December 31, 2017, the Company entered into accelerated stock repurchase agreements (the "ASR Transactions") with a certain financial institution to repurchase additional shares of its common stock. In exchange for up-front cash payments totaling $100.0 million, the Company received 1,778,537 shares. 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 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.