Old National has a dividend reinvestment and stock purchase plan under which common shares issued may be either repurchased shares or authorized and previously unissued shares. A new plan became effective on August 13, 2018, with total authorized and unissued common shares reserved for issuance of 3.3 million. At December 31, 2019, 3.3 million authorized and unissued common shares were available for issuance under the plan.

Old National has an employee stock purchase plan under which eligible employees can purchase common shares at a price not less than 95% of the fair market value of the common shares on the purchase date. The amount of common shares purchased cannot exceed 10% of the employee’s compensation. The maximum number of shares that may be purchased under this plan is 500,000 shares. In 2019, 36,000 shares were issued related to this plan with proceeds of approximately $567,000. In 2018, 29,000 shares were issued related to this plan with proceeds of approximately $497,000.

In the first quarter of 2019, the Board of Directors approved the repurchase of up to 7.0 million of the Company’s common shares to be repurchased, as conditions warrant, through January 31, 2020. During 2019, Old National repurchased 6.0 million common shares under the plan, which reduced equity by $99.1 million.

On January 15, 2020, the Board of Directors approved the adoption of a stock repurchase plan that authorizes up to 7.0 million of the Company’s common shares to be repurchased, as conditions warrant, through January 31, 2021.

Basic and diluted net income per share are calculated using the two-class method. Net income is divided by the weighted-average number of common shares outstanding during the period. Adjustments to the weighted average number of common shares outstanding are made only when such adjustments will dilute net income per common share. Net income is then divided by the weighted-average number of common shares and common share equivalents during the period.

The following table reconciles basic and diluted net income per share for the years ended December 31.

(dollars and shares in thousands,	Years Ended December 31,
except per share data)	2019		2018		2017
Basic Net Income Per Share
Net income	$	238,206	$	190,830	$	95,725

Weighted average common shares outstanding		171,907		155,675		137,821

Basic Net Income Per Share	$	1.39	$	1.23	$	0.69

Diluted Net Income Per Share
Net income	$	238,206	$	190,830	$	95,725

Weighted average common shares outstanding		171,907		155,675		137,821
Effect of dilutive securities:
Restricted stock		733		796		599
Stock options (1)		47		68		93
Weighted average shares outstanding		172,687		156,539		138,513

Diluted Net Income Per Share	$	1.38	$	1.22	$	0.69