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Earnings per Share
 6 Months Ended
Jun. 30, 2022
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. The following table summarizes the dilutive effect of RSUs and options to purchase common stock for the six months ended June 30, 2022 and 2021:
Three months ended
June 30,		Six months ended
June 30,
2022202120222021
Weighted average common shares—basic42,297,525 43,110,191 42,548,366 43,147,599 
Dilutive effect of restricted stock units183,674 198,165 247,080 299,425 
Dilutive effect of stock options— — — 24,592 
Weighted average common shares—diluted42,481,199 43,308,356 42,795,446 43,471,616 
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. This announcement represented the most recent update from the initial authorization, approved in November 2015, of up to $50 million of purchases in the aggregate of its common stock. In the three and six months ended June 30, 2022, the Company purchased 645,984 and 927,987 shares of its outstanding common stock for approximately $18.8 million and $27.9 million, respectively. During the three and six months ended June 30, 2021, the Company purchased 358,047 and 440,218 shares of its outstanding common stock for approximately $11.6 million and $14.2 million, respectively. As of June 30, 2022, the Company has approximately $114.7 million remaining under the repurchase authorization.
Holders of common stock are entitled to dividends at the discretion of the Company's Board of Directors. In 2021, the Company's Board of Directors declared the first dividend since the Company's initial public offering in 2007. During the three months ended June 30, 2022, the Company's cash dividends declared were $0.04 per share of common stock, and total dividends declared and paid on common shares in the three and six months ended June 30, 2022 were approximately $1.7 million and $3.5 million, respectively. No dividends were declared or paid during the three and six months ended June 30, 2021.