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Earnings Per Share | 6 Months Ended
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Jun. 30, 2022
Earnings Per Share [Abstract] |
Earnings Per Share | Earnings Per Share Basic earnings per share is calculated by dividing net earnings attributable to Encore by the weighted average number of shares of common stock outstanding during the period. Diluted earnings per share is calculated based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period. Dilutive potential common shares include outstanding stock-based awards, and the dilutive effect of the convertible and exchangeable senior notes, if applicable. On August 12, 2015, the Company’s Board of Directors approved a $50.0 million share repurchase program. On May 5, 2021, the Company announced that the Board of Directors had approved an increase in the size of the repurchase program from $50.0 million to $300.0 million (an increase of $250.0 million). Repurchases under this program are expected to be made with cash on hand and may be made from time to time, subject to market conditions and other factors, in the open market, through private transactions, block transactions, or other methods as determined by the Company’s management and Board of Directors, and in accordance with market conditions, other corporate considerations, and applicable regulatory requirements. The program does not obligate the Company to acquire any particular amount of common stock, and it may be modified or suspended at any time at the Company’s discretion. The Company continues to repurchase its common stock under this program. During the three and six months ended June 30, 2022, the Company repurchased 424,091 and 823,613 shares of its common stock for approximately $25.1 million and $50.7 million, respectively. During the three and six months ended June 30, 2021, the Company repurchased 604,995 and 1,122,855 shares of its common stock for approximately $27.0 million and $47.4 million, respectively. The Company’s practice is to retire the shares repurchased. A reconciliation of shares used in calculating earnings per basic and diluted shares follows (in thousands, except per share amounts):
| Three Months Ended June 30, |  | Six Months Ended June 30, |  |
| 2022 |  | 2021 |  | 2022 |  | 2021 |  |  |  |
Net income attributable to Encore Capital Group, Inc. stockholders | $ | 60,439 |  |  | $ | 96,503 |  |  | $ | 236,188 |  |  | $ | 191,133 |  |  |  |  |
Total weighted-average basic shares outstanding | 24,359 |  |  | 30,909 |  |  | 24,539 |  |  | 31,187 |  |  |  |  |
Dilutive effect of stock-based awards | 256 |  |  | 307 |  |  | 398 |  |  | 335 |  |  |  |  |
Dilutive effect of convertible and exchangeable senior notes | 1,796 |  |  | 199 |  |  | 2,008 |  |  | 100 |  |  |  |  |
Total weighted-average dilutive shares outstanding | 26,411 |  |  | 31,415 |  |  | 26,945 |  |  | 31,622 |  |  |  |  |
Basic earnings per share | $ | 2.48 |  |  | $ | 3.12 |  |  | $ | 9.63 |  |  | $ | 6.13 |  |  |  |  |
Diluted earnings per share | $ | 2.29 |  |  | $ | 3.07 |  |  | $ | 8.77 |  |  | $ | 6.04 |  |  |  |  |
There were no anti-dilutive employee stock options outstanding during the three and six months ended June 30, 2022. Anti-dilutive employee stock options outstanding were zero and approximately 7,000 during the three and six months ended June 30, 2021, respectively.

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