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EARNINGS PER SHARE | 9 Months Ended
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Sep. 30, 2023
EARNINGS PER SHARE |
EARNINGS PER SHARE | NOTE 5. EARNINGS PER SHARE The following table summarizes our earnings per share (“EPS”): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
​ |  | 2023 |  | 2022 |  | 2023 |  | 2022
Income from continuing operations | ​ | $ | 33,651 | ​ | $ | 74,873 | ​ | $ | 92,858 | ​ | $ | 156,546
Less: income from continuing operations attributable to noncontrolling interest | ​ |  | — | ​ |  | 9 | ​ |  | — | ​ |  | 16
Income from continuing operations attributable to Advanced Energy Industries, Inc. | ​ | $ | 33,651 | ​ | $ | 74,864 | ​ | $ | 92,858 | ​ | $ | 156,530
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic weighted-average common shares outstanding | ​ |  | 37,575 | ​ |  | 37,379 | ​ |  | 37,541 | ​ |  | 37,482
Dilutive effect of stock awards | ​ |  | 279 | ​ |  | 251 | ​ |  | 301 | ​ |  | 243
Diluted weighted-average common shares outstanding | ​ |  | 37,854 | ​ |  | 37,630 | ​ |  | 37,842 | ​ |  | 37,725
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
EPS from continuing operations | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Basic EPS | ​ | $ | 0.90 | ​ | $ | 2.00 | ​ | $ | 2.47 | ​ | $ | 4.18
Diluted EPS | ​ | $ | 0.89 | ​ | $ | 1.99 | ​ | $ | 2.45 | ​ | $ | 4.15
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Anti-dilutive shares not included above | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Stock awards | ​ | ​ | 27 | ​ | ​ | 121 | ​ | ​ | 84 | ​ | ​ | 58
Warrants | ​ | ​ | 3,180 | ​ | ​ | — | ​ | ​ | 3,180 | ​ | ​ | —
Convertible Notes | ​ | ​ | 1,448 | ​ | ​ | — | ​ | ​ | 1,448 | ​ | ​ | —
Total anti-dilutive shares | ​ | ​ | 4,655 | ​ | ​ | 121 | ​ | ​ | 4,712 | ​ | ​ | 58
​ We compute basic earnings per share of common stock (“Basic EPS”) by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. See Note 18. Long-Term Debt for information regarding our Convertible Notes, Note Hedges, and Warrants. For diluted earnings per share of common stock (“Diluted EPS”), we increase the weighted-average number of common shares outstanding during the period, as needed, to include the following:
| ● | Dilutive impact associated with the Convertible Notes using the if-converted method. The Convertible Notes are repayable in cash up to par value and in cash or shares of common stock for the excess over par value. Prior to conversion, we do not consider the Note Hedges for purposes of Diluted EPS as their effect would be anti-dilutive. Upon conversion, we expect the Note Hedges to offset the dilutive effect of the Convertible Notes when the stock price is above $137.46;
| ● | Additional common shares that would have been outstanding if our outstanding stock awards had been converted to common shares using the treasury stock method. We exclude any stock awards that have an anti-dilutive effect; and
| ● | Dilutive effect of the Warrants issued concurrently with the Convertible Notes using the treasury stock method. For all periods presented, the Warrants did not increase the weighted-average number of common shares outstanding because the exercise price of the Warrants exceeded the average market price of our common stock.
Share Repurchase To repurchase shares of our common stock, we periodically enter into stock repurchase agreements. The following table summarizes these repurchases: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended September 30, | ​ | Nine Months Ended September 30,
(in thousands, except per share amounts) |  | 2023 |  | 2022 |  | 2023 |  | 2022
Amount paid or accrued to repurchase shares | ​ | $ | 40,000 | ​ | $ | 2,342 | ​ | $ | 40,000 | ​ | $ | 25,955
Number of shares repurchased | ​ |  | 378 | ​ |  | 34 | ​ |  | 378 | ​ |  | 346
Average repurchase price per share | ​ | $ | 105.74 | ​ | $ | 69.39 | ​ | $ | 105.74 | ​ | $ | 75.07
​ There were no shares repurchased from related parties. Repurchased shares were retired and assumed the status of authorized and unissued shares. At September 30, 2023, the remaining amount authorized by the Board of Directors (“the Board”) for future share repurchases was $199.3 million with no time limitation.

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