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Earnings per Share | 6 Months Ended
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Jun. 30, 2020
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings per Share Net income is divided by the weighted average number of common shares outstanding during the period to calculate basic earnings per share. Diluted earnings per share is calculated to give effect to stock options and RSUs. For the three and six months ended June 30, 2020, no restricted shares or options to purchase shares were included in the computation of net income (loss) per share because to do so would be anti-dilutive. The following table summarizes the dilutive effect of RSUs and options to purchase common stock for the three and six months ended June 30, 2020 and 2019:
|  | Three months ended June 30, |  | Six months ended June 30,
|  | 2020 |  | 2019 |  | 2020 |  | 2019
Weighted average common shares—basic |  | 43,463,235 |  |  | 45,592,075 |  |  | 43,832,144 |  |  | 45,585,445 |
Dilutive effect of restricted stock units |  | — |  |  | 174,571 |  |  | — |  |  | 253,796 |
Dilutive effect of stock options |  | — |  |  | 61,669 |  |  | — |  |  | 71,008 |
Weighted average common shares—diluted |  | 43,463,235 |  |  | 45,828,315 |  |  | 43,832,144 |  |  | 45,910,249 |
In March 2020, the Company announced its Board of Directors had authorized the Company to increase the purchase of its common stock up to $250 million in the aggregate. The initial authorization, approved in November 2015, authorized up to $50 million in the aggregate of its common stock. The Company purchased no shares during the three months ended June 30, 2020 and 1,253,650 shares of its outstanding common stock for approximately $31.6 million during the six months ended June 30, 2020. During the three and six months ended June 30, 2019, the Company purchased 502,500 and 527,400 shares of its outstanding common stock for approximately $14.7 million and $15.4 million, respectively.

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