The following table reconciles the number of shares used in calculating basic and diluted earnings per share for the year ended December 31:


(in thousands)	2022		2021		2020
Basic weighted-average shares outstanding		72,740		67,352		67,237
Incremental shares due to:
Performance shares		149		307		289
Restricted stock units		33		60		42
Diluted weighted-average shares outstanding		72,922		67,719		67,568

For stock-based awards, the dilutive effect is calculated using the treasury stock method. Under this method, the dilutive effect is computed as if the awards were exercised at the beginning of the period (or at time of issuance, if later) and assumes the related proceeds were used to repurchase common stock at the average market price during the period. Related proceeds include future compensation cost associated with the stock award.

At December 31, 2022, 2021 and 2020, there were approximately 119,000, 48,600, and 1,100 stock-based awards, respectively, which were excluded from the calculation of earnings per share because they were anti-dilutive. Anti-dilutive stock-based awards could be dilutive in future periods.

On August 30, 2018, our board of directors authorized management to repurchase up to $100.0 million of common stock with no time limit set for the repurchase (the 2018 Repurchase Program). During the year ended December 31, 2022, and 2020, we repurchased 103,010 and 489,850 shares of our common stock (at a total consideration of $4.5 million and $15.4 million), respectively, under the 2018 Repurchase Program. We did not repurchase any shares under the 2018 Repurchase Program during the year ended December 31, 2021.

On August 31, 2022, our board of directors authorized management to repurchase up to $200.0 million of our common stock with no set time limit for the repurchase (the 2022 Repurchase Program). Concurrently, the board of directors terminated the remaining repurchase authorization under the 2018 Repurchase Program.

Shares under the 2022 Repurchase Program may be repurchased in open market transactions, and in 2022, were purchased pursuant to a trading plan adopted in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934. The 2022 Repurchase Program may be suspended, terminated or modified at any time for any reason. During the year ended December 31, 2022, we repurchased 1,096,283 shares of our common stock for total consideration of $50.0 million under the 2022 Repurchase Program. As such, total aggregate repurchases under the 2018 and 2022 Repurchase Programs were 1,199,293 shares for total consideration of $54.5 million during the year ended December 31, 2022. At December 31, 2022, we had remaining authorization of $150.0 million for future stock repurchases under the 2022 Repurchase Program. Transaction costs are not counted against authorized funds.

We record share purchases upon trade date, as opposed to the settlement date. We retire shares upon repurchase. Any excess repurchase price over par is recorded in accumulated deficit. There were no unsettled repurchases at December 31, 2022 and 2021.

Generally, a REIT must distribute its taxable income each year and there is a 20% limit on the value of our PotlatchDeltic TRS, including cash, that can be retained. As a result of strong financial results in the first half of 2022, on December 2, 2022, our board of directors approved a special cash dividend of $0.95 per share, or $75.7 million in aggregate, that was paid on December 30, 2022. On December 31, 2021, we paid a special cash dividend of $4.00 per share, or $276.3 million in aggregate as a result of large cash balances in both our REIT and TRS during 2021 driven by record lumber and indexed sawlog prices.

On February 10, 2023, the board of directors approved a quarterly cash dividend of $0.45 per share payable on March 31, 2023, to stockholders of record as of March 3, 2023.