EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2019

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				Six Months Ended
	June 30				June 30
(In thousands, except per share data)	2019		2018		2019		2018
Net income attributable to WESCO International	$	63,464	$	57,940	$	105,832	$	102,361
Weighted-average common shares outstanding used in computing basic earnings per share	43,493		47,085		44,280		47,062
Common shares issuable upon exercise of dilutive equity awards	323		465		381		516
Weighted-average common shares outstanding and common share equivalents used in computing diluted earnings per share	43,816		47,550		44,661		47,578
Earnings per share attributable to WESCO International
Basic	$	1.46	$	1.23	$	2.39	$	2.18
Diluted	$	1.45	$	1.22	$	2.37	$	2.15

For the three and six months ended June 30, 2019, the computation of diluted earnings per share attributable to WESCO International excluded stock-based awards of approximately 1.8 million. For the three and six months ended June 30, 2018, the computation of diluted earnings per share attributable to WESCO International excluded stock-based awards of approximately 1.5 million. 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 May 7, 2019, 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 $150.0 million, the Company received 2,394,816 shares during the three months ended June 30, 2019. As of June 30, 2019, the ASR Transaction had not yet settled between the counterparties. Upon settlement, the Company expects to receive additional shares. WESCO funded the repurchase primarily with borrowings under its accounts receivable securitization facility. For the six months ended June 30, 2019, the Company received a total of 2,760,088 shares, of which 365,272 were received upon the settlement of an accelerated stock repurchase agreement entered into on November 6, 2018.

The total number of shares ultimately delivered under an accelerated stock repurchase transaction is determined by the average of the volume-weighted-average price of the Company's common stock for each exchange business day during the respective settlement valuation periods. For purposes of computing earnings per share for the three and six months ended June 30, 2019, shares repurchases have been reflected as a reduction to common shares outstanding on the respective delivery dates.