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Earnings per Share | 12 Months Ended
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Dec. 31, 2020
Earnings Per Share [Abstract] |
Earnings per Share | NOTE 4. EARNINGS PER SHARE 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) |  | 2020 |  |  | 2019 |  |  | 2018 |
Basic weighted-average shares outstanding |  |  | 67,237 |  |  |  | 67,608 |  |  |  | 60,534 |
Incremental shares due to: |  |  |  |  |  |  |  |  |  |  |  |
Performance shares |  |  | 289 |  |  |  | 109 |  |  |  | 230 |
Restricted stock units |  |  | 42 |  |  |  | 26 |  |  |  | 34 |
Stock portion of earnings and profits distribution |  |  | — |  |  |  | — |  |  |  | 1,016 |
Diluted weighted-average shares outstanding |  |  | 67,568 |  |  |  | 67,743 |  |  |  | 61,814 |
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, 2020, 2019 and 2018, there were approximately 1,100, 49,500, and 42,000 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. Share Issuance Related to the Deltic Merger 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: Mergers and Divestitures for further discussion on the merger. Share Repurchase Program 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 Repurchase Program). Shares under the Repurchase Program may be repurchased in open market transactions, including pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (the Trading Plan). The timing, manner, price and amount of repurchases will be determined according to the Trading Plan, and, subject to the terms of the Trading Plan and the Repurchase Program may be suspended, terminated or modified at any time for any reason. Total shares repurchased under the Repurchase Program for the years ended December 31, 2020 and 2019 were 489,850 and 686,240, respectively, for total consideration of $15.4 million and $25.2 million, respectively. No shares were repurchased during 2018 under the Repurchase Program. All common stock purchases were made in open-market transactions. At December 31, 2020, we had remaining authorization of $59.5 million for future stock repurchases under the Repurchase Program. 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 at December 31, 2020 and 2019. Dividend On February 12, 2021 the board of directors approved a quarterly cash dividend of $0.41 per share payable on March 31, 2021 to stockholders of record as of March 5, 2021.

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