NOTE 17. EARNINGS PER SHARE

Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted average number of shares of common stock outstanding. Diluted earnings per share is computed by dividing net income available to common stockholders by the weighted average number of shares of the Company’s common stock outstanding plus other potentially dilutive securities. Dilutive securities include equity based awards issued under long-term incentive plans.

As discussed in Note 1, on April 14, 2014, the Company completed its IPO. For purposes of computing earnings per share, it is assumed that our IPO and ownership reorganization had occurred for all periods presented and therefore the outstanding shares have been adjusted to reflect the conversion of shares that took place in connection with the IPO. Accordingly, the denominators in the computations of basic and diluted net income per share reflect our IPO and ownership reorganization for all periods presented.

The calculations of basic and diluted earnings per share are as follows:

	2015		2014			2013
Numerator:
Income (loss) from continuing operations attributable to La Quinta Holdings’ stockholders	$	26,365	$	(336,794	)	$	6,471
Income (loss) from discontinued operations attributable to La Quinta Holdings’ stockholders		—		(503	)		(2,495	)
Net income (loss) attributable to La Quinta Holdings’ stockholders	$	26,365	$	(337,297	)	$	3,976
Denominator:
Weighted average number of shares outstanding, basic		128,272		126,156			121,996
Weighted average number of shares outstanding, diluted		129,172		126,156			121,996
Income (loss) from continuing operations attributable to La Quinta Holdings’ stockholders per common share, basic and diluted	$	0.21	$	(2.67	)	$	0.05
Income (loss) from discontinued operations attributable to La Quinta Holdings’ stockholders per common share, basic and diluted		—		—			(0.02	)
Basic earnings (loss) per share	$	0.21	$	(2.67	)	$	0.03
Diluted earnings (loss) per share	$	0.20	$	(2.67	)	$	0.03

As of December 31, 2015, an immaterial amount of shares were anti-dilutive. Approximately 0.8 million shares for the year ended December 31, 2014, were excluded from the computation of diluted shares, as their impact would have been anti-dilutive. For the year ended December 31, 2013, no shares were considered anti-dilutive.

During September 2015, Company's board of directors authorized a program to repurchase an aggregate of up to $100 million of the Company’s common stock (the “Repurchase Program”). These repurchases were to be made from time to time in the open market, in privately negotiated transactions, or otherwise, including pursuant to a Rule 10b5-1 plan, at prices that the Company deemed appropriate and subject to market conditions, applicable law and other factors deemed relevant in the Company's sole discretion. The Repurchase Program did not obligate the Company to repurchase any dollar amount or number of shares of common stock and the program could be suspended or discontinued at any time.

Under this program, through December 31, 2015, the Company repurchased 6.3 million shares of common stock. These shares were repurchased at a weighted-average price of $15.89 per share, for an aggregate purchase price including commissions, of $100.1 million. The shares repurchased through December 31, 2015 represented approximately 5% of the Company's total shares of common stock outstanding as of December 31, 2015. The shares of common stock that were repurchased were placed in treasury stock.