The following table reconciles the number of shares used in calculating basic and diluted earnings per share for the years ended December 31:

(in thousands, except per share amounts)	2019		2018		2017
Net income	$	55,661	$	122,880	$	86,453

Basic weighted-average shares outstanding		67,608		60,534		40,824
Incremental shares due to:
Performance shares		109		230		363
Restricted stock units		26		34		40
Stock portion of earnings and profits distribution		—		1,016		—
Diluted weighted-average shares outstanding		67,743		61,814		41,227

Basic net income per share	$	0.82	$	2.03	$	2.12
Diluted net income per share	$	0.82	$	1.99	$	2.10

For stock-based awards, the dilutive effect is calculated using the treasury stock method. Under this method, the dilutive effect is computed as if the awards were exercised at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase common stock at the average market price during the period. Related proceeds include future compensation cost associated with the stock award.

At December 31, 2019, 2018 and 2017, there were 49,500, 42,000, and 250 stock-based awards, respectively, which were excluded from the calculation of earnings per share because they were anti-dilutive. Anti-dilutive stock-based awards could be dilutive in future periods.

In February 2018, we issued 22.0 million shares in connection with the Deltic merger. On August 30, 2018, the board of directors approved a special distribution of $222.0 million, or approximately $3.54 per share. The special distribution amount equaled the company’s determination of the accumulated earnings and profits of Deltic as of the merger date and was distributed in order to maintain the company’s qualification as a REIT for U.S. federal income tax purposes. The special distribution was paid on November 15, 2018, to stockholders of record on September 27, 2018 through the issuance of 4.8 million shares of our common stock and distribution of $44.4 million in cash. The special distribution shares are included in basic weighted-average shares outstanding beginning November 15, 2018, and diluted weighted-average shares outstanding from August 30, 2018, to November 14, 2018. See Note 2: Merger with Deltic for further discussion on the merger.

On August 30, 2018, our board of directors authorized management to repurchase up to $100.0 million of common stock with no time limit set for the repurchase (the 2018 Repurchase Program). No shares were

repurchased during 2018 under the 2018 Repurchase Program. During the year-ended December 31, 2019, we repurchased 686,240 shares of common stock for $25.2 million under the 2018 Repurchase Program. All common stock purchases were made in open-market transactions. At December 31, 2019, we had remaining authorization of $74.8 million for future stock repurchases under the 2018 Repurchase Program.

On April 26, 2016 the Company announced that our Board of Directors authorized management to repurchase up to $60.0 million of common stock over a 24-month period. No shares were repurchased in 2018 or 2017 under this repurchase plan.

We record share purchases upon trade date, as opposed to the settlement date. We retire shares upon repurchase. Any excess repurchase price over par is recorded in accumulated deficit. There were no unsettled repurchases as of December 31, 2019 and 2018.

On February 14, 2020 the board of directors approved a quarterly cash dividend of $0.40 per share payable on March 31, 2020 to stockholders of record as of March 6, 2020.