Stockholders' Equity

Earnings Per Share

Basic earnings per share has been computed by dividing earnings available to common stockholders by the weighted average number of common shares outstanding during the respective period. Diluted earnings per share has been computed by dividing earnings available to common stockholders by the weighted average shares outstanding during the respective period, after adjusting for the potential dilution of options to purchase the Company's Common Stock, assumed vesting of restricted stock and the assumed conversion of the Company's convertible debt.

The following table provides the computation of diluted weighted average number of common shares outstanding:



	Year Ended December 31,
	2018	2017	2016
Computation of diluted weighted average shares outstanding:
Basic weighted average shares outstanding	51,487,557	52,523,272	52,276,951
Incremental shares from assumed exercise of stock options and vesting of restricted stock	1,499,713	1,793,375	1,705,224
Incremental shares from assumed conversion of convertible debentures	1,640,477	799,680	18,904
Diluted weighted average shares outstanding	54,627,747	55,116,327	54,001,079

The table includes all stock options and restricted stock that are dilutive to the Company's weighted average common shares outstanding during the period. The calculation of diluted earnings per share excludes stock options or shares of restricted stock that are anti-dilutive to the Company's weighted average common shares outstanding for the years ended December 31, 2018, 2017 and 2016 of approximately 458,000, 798,000 and 616,000, respectively.

During 2018, 2017 and 2016, the Company had convertible notes outstanding that, if converted, could have a potentially dilutive effect on its Common Stock. The Company's convertible notes have settlement features requiring the Company, upon conversion, to settle the principal amount of the debt and the conversion value in excess of the principal value ("conversion premium") for cash or shares of the Company's Common Stock, at the Company's option. At issuance, the Company stated its intent to settle any conversion of these notes by paying cash for the principal value and issuing Common Stock for any conversion premium. Accordingly, the convertible notes are included in the calculation of diluted earnings per share if their inclusion is dilutive. The convertible notes would only have a dilutive effect if the market price per share of Common Stock exceeds the conversion price of $72.18 per share and the dilutive effect increases the more the market price exceeds the conversion price. As of December 31, 2018, and currently, the Company maintains the intent and ability to settle any conversion as stated. As of December 31, 2018, 2017 and 2016, the stock prices exceeded the conversion price and these notes were dilutive to earnings per share. Further, as a result of the share prices increasing from $72.43 as of December 31, 2016 to $84.27 as of December 31, 2017 and to $102.38 as December 31, 2018, there were increases in dilutive shares from the assumed conversion of convertible notes. Therefore, according to ASC Topic 260, Earnings per Share (“ASC 260”), the dilutive effect of the assumed conversion of the debentures was 1,640,477, 799,680 and 18,904 shares for the years ended December 31, 2018, 2017 and 2016, respectively. See Note 10, Debt Obligations, to the Consolidated Financial Statements for more information about the convertible notes.

Share repurchases

The Company's Board of Directors has authorized a stock repurchase program ("Repurchase Program"), allowing Euronet to repurchase up to $375 million in value or 10.0 million shares of stock through March 31, 2020. Repurchases under the Repurchase Program may take place in the open market or in privately negotiated transactions, including derivative transactions, and may be made under a Rule 10b5-1 plan. For the year ended December 31, 2018, the Company repurchased $175.0 million in value of Euronet Common Stock under the Repurchase Program. No repurchases were made during 2017.

In January 2016, the Company announced that its Board of Directors authorized a stock repurchase program ("2016 Program") allowing the Company to repurchase up to $100 million in value or 5.0 million shares of its common stock through December 10, 2017. For the year end December 31, 2016, the Company repurchased 1.1 million shares at a weighted average purchase price of $65.74 for a total value of $75.6 million under the 2016 Program.

Preferred Stock

The Company has the authority to issue up to 10 million shares of preferred stock, of which no shares are currently issued or outstanding.

Accumulated other comprehensive loss

As of December 31, 2018 and 2017, accumulated other comprehensive loss consists entirely of foreign currency translation adjustments. The Company recorded a foreign currency translation loss of $56.7 million, a gain of $116.4 million and a loss of $45.2 million for the years ended December 31, 2018, 2017, and 2016, respectively. There were no reclassifications of foreign currency translation into the Consolidated Statements of Income for the years ended December 31, 2018, 2017, and 2016.

Dividends

No dividends was paid on any class of the Company's stock during 2018, 2017, and 2016.