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EARNINGS PER SHARE

6 Months Ended

Jun. 30, 2021

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 5. EARNINGS PER SHARE

Basic earnings per share ("EPS") is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. The computation of our diluted EPS is similar to the computation of our basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding (using the if-converted and treasury stock methods), if our outstanding stock options and restricted stock units had been converted to common shares, and if such assumed conversion is dilutive.

The following is a reconciliation of the weighted-average shares outstanding used in the calculation of basic and diluted earnings per share:


		Three Months Ended June 30,						Six Months Ended June 30,
		2021			2020			2021			2020
Income from continuing operations		$	35,542		$	29,279		$	73,933		$	47,677
Income from continuing operations attributable to noncontrolling interest			31			(16)			64			(1)
Income from continuing operations attributable to Advanced Energy Industries, Inc.		$	35,511		$	29,295		$	73,869		$	47,678

Basic weighted-average common shares outstanding			38,389			38,294			38,359			38,326
Assumed exercise of dilutive stock options and restricted stock units			197			164			230			199
Diluted weighted-average common shares outstanding			38,586			38,458			38,589			38,525

Continuing operations:
Basic earnings per share		$	0.93		$	0.77		$	1.93		$	1.24
Diluted earnings per share		$	0.92		$	0.76		$	1.91		$	1.24

The following stock awards were excluded in the computation of diluted earnings per share because they were anti-dilutive:


		Three Months Ended June 30,				Six Months Ended June 30,
		2021		2020		2021		2020
Restricted stock units		1		3		1		1

Share Repurchase

To execute the repurchase of shares of our common stock, the Company periodically enters into stock repurchase agreements. The following table summarizes these repurchases:


		Three Months Ended June 30,						Six Months Ended June 30,
(in thousands, except per share amounts)		2021			2020			2021			2020
Amount paid to repurchase shares		$	6,503		$	—		$	6,503		$	7,248
Number of shares repurchased			72			—			72			170
Average repurchase price per share		$	90.34		$	—		$	90.34		$	42.59
Remaining authorized by Board of Directors for future repurchases as of period end		$	31,866		$	42,751		$	31,866		$	42,751

There were no shares repurchased from related parties. All shares repurchased were recognized as a reduction to Additional paid-in capital. Repurchased shares were retired and assumed the status of authorized and unissued shares.

On July 29, 2021, the Board of Directors approved an increase to the share repurchase program, which authorized the Company to repurchase up to $200 million with no time limitation.