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)	2024		2023		2022
Basic weighted-average shares outstanding		79,236		79,985		72,740
Incremental shares due to:
Performance shares		40		134		149
Restricted stock units		63		48		33
Diluted weighted-average shares outstanding		79,339		80,167		72,922

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, 2024, 2023, and 2022, there were approximately 109,900, 17,900, and 119,000 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, we repurchased 103,010 shares of our common stock at a total consideration of $4.5 million under the 2018 Repurchase Program.

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, through privately negotiated transactions, and as in all reported years, pursuant to a trading plan adopted from time to time in accordance with Rule 10b5-1 of the Securities and Exchange Act of 1934 (Trading Plan). The timing, manner, price and amount of repurchases will be determined according to the terms of a Trading Plan, and, subject to the terms of a Trading Plan, the 2022 Repurchase Program may be suspended, terminated or modified at any time for any reason. During the years ended December 31, 2024, 2023, and 2022, we repurchased 846,845, 556,115, and 1,096,283 shares of our common stock, respectively, for $35.0 million, $25.0 million, and $50.0 million, respectively, under the 2022 Repurchase Program. At December 31, 2024, we had remaining authorization of $90.0 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, 2024 and 2023.

Generally, a REIT must distribute its taxable income each year and may retain only 20% of its value in its TRS, including cash. We paid a special cash dividend of $0.95 per share, or $75.7 million in aggregate, on December 30, 2022 as a result of strong financial results in the first half of 2022. No special cash dividends were paid during the year ended December 31, 2024 or 2023.

On February 7, 2025, the board of directors approved a quarterly cash dividend of $0.45 per share payable on March 31, 2025, to stockholders of record as of March 7, 2025.