EARNINGS PER SHARE

The following table provides a reconciliation of the numerators and denominators of the basic and diluted earnings per share computations.



(In thousands, except per share amounts)	2018		2017			2016
Basic EPS
Net income (loss)	$	45,572	$	(26,268	)	$	(55,579	)
Weighted average shares	52,755		51,524			50,910
Basic income(loss) per share	$	0.86	$	(0.51	)	$	(1.09	)
Diluted EPS
Net income (loss)	$	45,572	$	(26,268	)	$	(55,579	)
Basic weighted average shares	52,755		51,524			50,910
Net effect of common stock equivalents	746		—			—
Diluted weighted average shares	53,501		51,524			50,910
Diluted income (loss) per share	$	0.85	$	(0.51	)	$	(1.09	)

Basic earnings per share is calculated using our weighted-average outstanding common shares. Diluted earnings per share is calculated using our weighted-average outstanding common shares including the dilutive effect of stock awards as determined under the treasury stock method. For fiscal 2018, weighted average shares outstanding, assuming dilution, excludes the impact of 0.4 million anti-dilutive shares. For fiscal 2017 and 2016, we recognized a net loss; therefore we excluded the impact of outstanding stock awards from the diluted loss per share calculation as their inclusion would have an anti-dilutive effect.

Share Repurchase Plan

On February 6, 2018, we announced that our Board of Directors authorized the repurchase of up to $260 million of our outstanding common stock through March 30, 2019. Under the share repurchase program, the Company is authorized to repurchase, from time to time, outstanding shares of common stock in accordance with applicable laws both on the open market, including under trading plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended and in privately negotiated transactions. The actual timing, number and value of shares repurchased will be determined by the Company at its discretion and will depend on a number of factors, including market conditions, applicable legal requirements and compliance with the terms of loan covenants. The share repurchase program may be suspended, modified or discontinued at any time and the Company has no obligation to repurchase any amount of its common stock under the program.

Subsequent to announcing the share repurchase program, in February 2018, we entered into an accelerated share repurchase agreement (“ASR”) with Citibank N.A. (“Citibank”) to repurchase approximately $100.0 million of the Company’s common stock. Pursuant to the terms of the ASR, in February 2018, the Company paid Citibank $100.0 million in cash and received an initial delivery of approximately 1.2 million shares of our common stock based on a closing market price of $68.87, which represented, based on the closing price of our common stock on the New York Stock Exchange on February 8, 2018, approximately 80% of the notional amount of the ASR. On May 7, 2018, the ASR with Citibank was completed. Pursuant to the ASR settlement terms, Citibank delivered to us approximately 0.2 million additional shares of our common stock on May 9, 2018. The total number of shares repurchased under the ASR was approximately 1.4 million at an average price per share of $73.36.

As of May 23, 2018, the total remaining authorization outstanding for repurchases of the Company’s common stock under our share repurchase program was $160 million.