8. 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:



	Three Months Ended
	March 31
(In thousands, except per share data)	2019		2018
Net income attributable to WESCO International	$	42,369	$	44,421
Weighted-average common shares outstanding used in computing basic earnings per share	45,076		47,038
Common shares issuable upon exercise of dilutive equity awards	415		570
Weighted-average common shares outstanding and common share equivalents used in computing diluted earnings per share	45,491		47,608
Earnings per share attributable to WESCO International
Basic	$	0.94	$	0.94
Diluted	$	0.93	$	0.93

For the three months ended March 31, 2019 and 2018, the computation of diluted earnings per share attributable to WESCO International excluded stock-based awards of approximately 1.8 million and 1.5 million, respectively. These amounts were excluded because their effect would have been antidilutive.

In December 2017, the Company's Board of Directors authorized the repurchase of up to $300 million of the Company's common stock through December 31, 2020. In October 2018, the Board approved an increase to this repurchase authorization from $300 million to $400 million. On November 6, 2018, the Company entered into an accelerated stock repurchase agreement (the "ASR Transaction") with a financial institution to repurchase additional shares of its common stock. In exchange for an up-front cash payment of $100.0 million, the Company received a total of 1,953,167 shares, 365,272 of which were received during the three months ended March 31, 2019. WESCO funded the repurchase with borrowings under its accounts receivable securitization and revolving credit facilities.

The total number of shares ultimately delivered under the ASR Transaction was determined by the average of the volume-weighted average price of the Company's common stock for each exchange business day during the settlement valuation period. For purposes of computing earnings per share for the three months ended March 31, 2019, shares received under the ASR Transaction were reflected as a reduction to common shares outstanding on the respective delivery dates.