EARNINGS PER SHARE

9 Months Ended

Sep. 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				Nine Months Ended
	September 30				September 30
(In thousands, except per share data)	2019		2018		2019		2018
Net income attributable to WESCO International	$	64,495	$	66,849	$	170,329	$	169,210
Weighted-average common shares outstanding used in computing basic earnings per share	42,100		47,010		43,545		47,044
Common shares issuable upon exercise of dilutive equity awards	278		476		355		503
Weighted-average common shares outstanding and common share equivalents used in computing diluted earnings per share	42,378		47,486		43,900		47,547
Earnings per share attributable to WESCO International
Basic	$	1.53	$	1.42	$	3.91	$	3.60
Diluted	$	1.52	$	1.41	$	3.88	$	3.56

For the three and nine months ended September 30, 2019, the computation of diluted earnings per share attributable to WESCO International excluded approximately 1.8 million of stock-based awards. For the three and nine months ended September 30, 2018, the computation of diluted earnings per share attributable to WESCO International excluded stock-based awards of approximately 1.7 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 May 7, 2019, the Company entered into an accelerated stock repurchase agreement 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 a total of 3,090,312 shares, of which 695,496 were received during the three months ended September 30, 2019. WESCO funded the repurchase primarily with borrowings under its accounts receivable securitization facility. For the nine months ended September 30, 2019, the Company received a total of 3,455,584 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 nine months ended September 30, 2019, share repurchases have been reflected as a reduction to common shares outstanding on the respective delivery dates.