Earnings Per Share

3 Months Ended

Mar. 31, 2017

NOTE 12. 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 (loss) 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.

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

	For the three months ended March 31,
	2017		2016
	(in thousands, except per share data)
Numerator:
Net income (loss) attributable to La Quinta Holdings’ stockholders	$	1,589	$	(38,775	)
Denominator:
Weighted average number of shares outstanding, basic		115,936		123,615
Weighted average number of shares outstanding, diluted		116,368		123,615

Basic and diluted earnings (loss) per share	$	0.01	$	(0.31	)

For the three month periods ended March 31, 2017 and 2016, approximately 0.7 million shares and 1.5 million shares, respectively, were excluded from the computation of diluted shares, as their impact would have been anti-dilutive.

During March 2016, the 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”). Under the Repurchase Program, these repurchases could 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 the Repurchase Program, through March 31, 2016, the Company repurchased 2.0 million shares of common stock at a weighted-average price of $12.22 per share, for an aggregate purchase price, including commissions, of $24.7 million. Of the $24.7 million aggregate purchase price through March 31, 2016, $18.0 million was settled in cash during the period, with the remainder settled in ordinary course subsequent to March 31, 2016. The shares repurchased through March 31, 2016 represented approximately 1.6% 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. As of March 31, 2016, $75.3 million remained under this share repurchase authorization. The Repurchase Program was completed in May 2016.