EARNINGS PER SHARE

12 Months Ended

Dec. 31, 2021

Basic earnings per share is computed by dividing net income attributable to common stockholders by the weighted-average number of common shares outstanding during the periods. Diluted earnings per share is computed by dividing net income attributable to common stockholders 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:


	Year Ended December 31,
	2021		2020		2019
(In thousands, except per share data)
Net income attributable to WESCO International, Inc.	$	465,382	$	100,560	$	223,426
Less: Preferred stock dividends	57,408		30,139		—
Net income attributable to common stockholders	$	407,974	$	70,421	$	223,426
Weighted-average common shares outstanding used in computing basic earnings per share	50,300		46,174		43,104
Common shares issuable upon exercise of dilutive equity awards	1,730		451		383
Weighted-average common shares outstanding and common share equivalents used in computing diluted earnings per share	52,030		46,625		43,487
Earnings per share attributable to common stockholders
Basic	$	8.11	$	1.53	$	5.18
Diluted	$	7.84	$	1.51	$	5.14

The computation of diluted earnings per share attributable to common stockholders excludes stock-based awards that would have an antidilutive effect on earnings per share. For the year ended December 31, 2021, there were no antidilutive stock-based awards, and for the years ended December 31, 2020 and 2019, there were approximately 1.8 million and 1.7 million antidilutive awards, respectively.

In December 2017, 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, 2020 (the "Repurchase Authorization"). In October 2018, the Board approved an increase to the Repurchase Authorization from $300 million to $400 million.

The Company entered into certain accelerated stock repurchase agreements with a financial institution to repurchase shares of its common stock pursuant to the Repurchase Authorization. In exchange for up-front cash payments totaling $275.0 million, the Company repurchased 5,459,030 shares of common stock under the Repurchase Authorization, of which 3,455,584 shares were received during the year ended December 31, 2019. The Company did not repurchase, nor did it receive, any of its common stock during the years ended December 31, 2021 and 2020.

The total number of shares ultimately delivered under the accelerated stock repurchase transactions described above were 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. 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.