The following table reconciles the number of shares used in calculating basic and diluted earnings per share:

	Three Months Ended March 31,
(in thousands, except per share amounts)	2020			2019
Net (loss) income	$	(16,832	)	$	6,560

Basic weighted-average shares outstanding		67,478			67,860
Incremental shares due to:
Performance shares		—			36
Restricted stock units		—			20
Diluted weighted-average shares outstanding		67,478			67,916

Basic net (loss) income per share	$	(0.25	)	$	0.10
Diluted net (loss) income per share	$	(0.25	)	$	0.10

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.

For the three months ended March 31, 2020 and 2019, there were approximately 317,000 and 90,000 stock-based awards that were excluded from the calculation of diluted earnings per share because they were anti-dilutive. Anti-dilutive stock-based awards could be dilutive in future periods.

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). During the three months ended March 31, 2020 and 2019, we repurchased 400,917 and 278,947 shares of common stock (at a total consideration of $12.4 million and $10.2 million), respectively, under the 2018 Repurchase Program. All common stock purchases under the 2018 Repurchase Program were made in open-market transactions. At March 31, 2020, we had remaining authorization of $62.5 million for future stock repurchases under the 2018 Repurchase Program.

We record share repurchases upon trade date as opposed to the settlement date when cash is disbursed. We record a liability to account for repurchases that have not been cash settled. There were no unsettled repurchases as of March 31, 2020. We retire shares upon repurchase. Any excess repurchase price over par is recorded in accumulated deficit.