12. 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,
	2018		2017		2016
(In thousands, except per share data)
Net income attributable to WESCO International	$	227,343	$	163,460	$	101,588
Weighted-average common shares outstanding used in computing basic earnings per share	46,722		47,849		44,116
Common shares issuable upon exercise of dilutive equity awards	477		512		543
Common shares issuable from contingently convertible debentures (see below for basis of calculation)	—		—		3,674
Weighted-average common shares outstanding and common share equivalents used in computing diluted earnings per share	47,199		48,361		48,333
Earnings per share attributable to WESCO International
Basic	$	4.87	$	3.42	$	2.30
Diluted	$	4.82	$	3.38	$	2.10

The computation of diluted earnings per share attributable to WESCO International excluded equity awards of approximately 1.6 million, 1.3 million and 1.2 million for the years ended December 31, 2018, 2017 and 2016, respectively. 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 years ended December 31, 2018 and 2017. For the year ended December 31, 2016, the effect of the 2029 Debentures on diluted earnings per share attributable to WESCO International was a decrease of $0.17.

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. As of December 31, 2017, WESCO had repurchased 4,247,113 shares of common stock for $250.0 million under the 2014 Repurchase Authorization.

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. On September 6, 2018 and November 6, 2018, the Company entered into accelerated stock repurchase agreements with a financial institution to repurchase additional 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 2,003,446 shares. As of December 31, 2018, the accelerated stock repurchase agreement entered into on November 6, 2018 had not yet settled between the counterparties. Upon settlement, the Company expects to receive additional shares.

The total number of shares ultimately delivered under the accelerated stock repurchases described above are 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 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.