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


	Three Months Ended March 31,
(in thousands)	2025		2024
Basic weighted-average shares outstanding		79,000		79,677
Incremental shares due to:
Performance shares		73		—
Restricted stock units		100		—
Diluted weighted-average shares outstanding		79,173		79,677

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 shares subject to the awards were outstanding 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, 2025 and 2024, there were approximately 287,500 and 421,500 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.

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). Shares under the 2022 Repurchase Program may be repurchased in open market transactions, including pursuant to a trading plan adopted from time to time in accordance with Rule 10b5-1 of the Securities Exchange Act of 1934 (Trading Plan). The timing, manner, price and amount of repurchases will be determined according to, and subject to, the terms of a Trading Plan, and, subject to the terms of a Trading Plan, the 2022 Repurchase Program may be suspended, terminated or modified at any time for any reason. During the three months ended March 31, 2025, we repurchased 93,100 shares of our common stock for total consideration of $4.1 million under the 2022 Repurchase Plan. No shares were repurchased under the 2022 Repurchase Program during the three months ended March 31, 2024. At March 31, 2025, we had remaining authorization of $85.9 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. 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.