EARNINGS PER SHARE ATTRIBUTABLE TO MONSTER WORLDWIDE, INC.

Basic earnings per share is calculated using the Company’s weighted-average outstanding common shares. When the effects are dilutive, diluted earnings per share is calculated using the weighted-average outstanding common shares, participating securities, and the dilutive effect of all other stock-based compensation awards as determined under the treasury stock method. Certain stock options and stock issuable under employee compensation plans were excluded from the computation of diluted earnings per share due to their anti-dilutive effect.

On October 22, 2014, the Company consummated an offering of its 3.50% convertible senior notes due 2019 (the “Notes”). Under the treasury stock method, the Notes will generally have a dilutive impact on earnings per share if the Company’s average stock price for the period exceeds approximately $5.33 per share of Monster’s common stock, the conversion price of the Notes. For the three and nine months ended September 30, 2015, the average stock price of Monster's common stock was $6.81 and $6.18, respectively, resulting in a potential dilutive impact of approximately 5,872,451 and 3,714,467 shares, respectively. See reconciliation of shares table below for further discussion.

In connection with the pricing of the Notes, Monster entered into a capped call transaction which increases the effective conversion price of the Notes, and is designed to reduce potential dilution upon conversion of the Notes. Since the beneficial impact of the capped call is anti-dilutive, it is excluded from the calculation of earnings per share. See Note 15 - Long-Term Debt for additional details.

A reconciliation of shares used in calculating basic and diluted earnings per share is as follows (shares in thousands):



	Three months ended September 30,		Nine months ended September 30,
	2015	2014	2015	2014
Basic weighted-average shares outstanding	90,340	86,576	89,853	88,236
Impact of stock options and non-vested stock under employee compensation plans⁽¹⁾	627	—	1,006	—
Impact of 3.50% convertible senior notes due 2019	5,872	—	3,714	—
Diluted weighted-average shares outstanding	96,839	86,576	94,573	88,236
Weighted-average anti-dilutive common stock equivalents - stock options and non-vested stock under employee compensation plans	259	7,602	777	7,460

(1)

For periods in which losses attributable to the Company are presented, dilutive earnings per share calculations do not differ from basic earnings per share because the effects of any potential common stock equivalents are anti-dilutive and therefore not included in the calculation of dilutive earnings per share. For the quarter ended September 30, 2014, those potential shares totaled 2,741 related to non-vested stock under employee compensation plans, in addition to 4,861 of out of the money anti-dilutive common stock equivalents, both of which are included in the weighted average anti-dilutive common stock equivalents for the quarter ended September 30, 2014. For the nine months ended September 30, 2014, those potential shares totaled 2,999 related to non-vested stock under employee compensation plans, and 4,461 of out of the money anti-dilutive common stock equivalents, both of which are included in the weighted average anti-dilutive common stock equivalents for the nine months ended September 30, 2014.

Share Repurchase Plan

On April 30, 2013, the Board of Directors of the Company authorized a share repurchase program of up to $200,000 which expired on April 30, 2015. No share repurchases were made during the nine months ended September 30, 2015. During the nine months ended September 30, 2014, the Company repurchased 7,125,988 shares for a total of $51,927, excluding commissions, at an average price of $7.29 per share. Since the inception of this repurchase program, the Company repurchased 27,717,428 shares for a total of $158,683, excluding commissions, at an average price of $5.73 per share.