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Earnings per Share | 12 Months Ended
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Dec. 31, 2021
Earnings Per Share [Abstract] |
Earnings per Share | NOT E 3. 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) |  | 2021 |  |  | 2020 |  |  | 2019 |
Basic weighted-average shares outstanding |  |  | 67,352 |  |  |  | 67,237 |  |  |  | 67,608 |
Incremental shares due to: |  |  |  |  |  |  |  |  |
Performance shares |  |  | 307 |  |  |  | 289 |  |  |  | 109 |
Restricted stock units |  |  | 60 |  |  |  | 42 |  |  |  | 26 |
Diluted weighted-average shares outstanding |  |  | 67,719 |  |  |  | 67,568 |  |  |  | 67,743 |
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, 2021, 2020 and 2019, there were approximately 48,600, 1,100 and 49,500 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 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. We did no t repurchase any shares under the Repurchase Program during the year ended December 31, 2021. 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. All common stock purchases were made in open-market transactions. At December 31, 2021, 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, 2021 and 2020. Dividends Generally, a REIT must distribute its taxable income each year and there is a 20% limit on the value of our PotlatchDeltic TRS, including cash, that can be retained. Our strong financial performance, driven by record lumber and indexed sawlog prices, generated large cash balances in both our REIT and PotlatchDeltic TRS during 2021. As a result, on December 3, 2021, our board of directors approved a special cash dividend of $4.00 per share, or $276.3 million in aggregate, that was paid on December 31, 2021. On February 11, 2022, the board of directors approved a quarterly cash dividend of $0.44 per share payable on March 31, 2022 to stockholders of record as of March 4, 2022.

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