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Earnings per Share | 9 Months Ended
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Sep. 30, 2022
Earnings Per Share [Abstract] |
Earnings per Share | NO TE 3. EARNINGS PER SHARE The following table reconciles the number of shares used in calculating basic and diluted earnings per share:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
Basic weighted-average shares outstanding |  |  | 71,486 |  |  |  | 67,315 |  |  |  | 70,171 |  |  |  | 67,275 |
Incremental shares due to: |  |  |  |  |  |  |  |  |  |  |  |
Performance shares |  |  | 111 |  |  |  | 272 |  |  |  | 104 |  |  |  | 257 |
Restricted stock units |  |  | 35 |  |  |  | 61 |  |  |  | 33 |  |  |  | 56 |
Diluted weighted-average shares outstanding |  |  | 71,632 |  |  |  | 67,648 |  |  |  | 70,308 |  |  |  | 67,588 |
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 and nine months ended September 30, 2022, there were approximately 117,000 and 136,000 stock-based awards, respectively, that were excluded from the calculation of diluted earnings per share as they were anti-dilutive. For the three and nine months ended September 30, 2021, there were approximately 101,000 and 88,000 stock-based awards, respectively, that were excluded from the calculation of diluted earnings per share as 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 2018 Repurchase Program). During the three and nine months ended September 30, 2022, we repurchased 8,444 and 103,010 shares of our common stock (at a total consideration of $0.4 million and $4.5 million), respectively, under the 2018 Repurchase Program. All common stock purchases were made in open-market transactions. We did no t repurchase any shares during the nine months ended September 31, 2021. On August 31, 2022, our board of directors authorized management to repurchase up to $200.0 million of our common stock with no set time limit for the repurchase (the 2022 Repurchase Program). Concurrently, the board of directors terminated the remaining repurchase authorization under the 2018 Repurchase Program. Shares under the 2022 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, and subject to, the terms of the Trading Plan, and, subject to the terms of the Trading Plan, the 2022 Repurchase Program may be suspended, terminated or modified at any time for any reason. No sh ares were repurchased under the 2022 Repurchase Program during the nine months ended September 30, 2022. At September 30, 2022, we had remaining authorization of $200.0 million for future stock repurchases under the 2022 Repurchase Program. Transaction costs are not counted against authorized funds. 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. We retire shares upon repurchase. Any excess repurchase price over par is recorded in accumulated deficit.

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