Earnings Per Share:

Basic and diluted earnings per share from continuing operations are calculated as follows (in thousands, except per share amounts):



	Year Ended December 31,
	2015			2014			2013
Basic earnings per share from continuing operations
Numerator:
Net income from continuing operations	$	360,064		$	230,437		$	435,726
Net income from continuing operations attributable to noncontrolling interests	(25,158		)	(27,590		)	(26,663		)
Net income from continuing operations attributable to Albemarle Corporation	$	334,906		$	202,847		$	409,063
Denominator:
Weighted-average common shares for basic earnings per share	111,182			78,696			83,839
Basic earnings per share from continuing operations	$	3.01		$	2.57		$	4.88
Diluted earnings per share from continuing operations
Numerator:
Net income from continuing operations	$	360,064		$	230,437		$	435,726
Net income from continuing operations attributable to noncontrolling interests	(25,158		)	(27,590		)	(26,663		)
Net income from continuing operations attributable to Albemarle Corporation	$	334,906		$	202,847		$	409,063
Denominator:
Weighted-average common shares for basic earnings per share	111,182			78,696			83,839
Incremental shares under stock compensation plans	374			406			483
Weighted-average common shares for diluted earnings per share	111,556			79,102			84,322
Diluted earnings per share from continuing operations	$	3.00		$	2.57		$	4.85

The Company’s policy on how to determine windfalls and shortfalls for purposes of calculating assumed stock award proceeds under the treasury stock method when determining the denominator for diluted earnings per share is to exclude the impact of pro forma deferred tax assets (i.e. the windfall or shortfall that would be recognized in the financial statements upon exercise of the award). At December 31, 2015, there were 1,114,041 common stock equivalents not included in the computation of diluted earnings per share because their effect would have been anti-dilutive.

Included in the calculation of basic earnings per share are unvested restricted stock awards that contain nonforfeitable rights to dividends. At December 31, 2015, there were 9,250 unvested shares of restricted stock awards outstanding.

We have the authority to issue 15 million shares of preferred stock in one or more classes or series. As of December 31, 2015, no shares of preferred stock have been issued.

On February 12, 2013, our Board of Directors authorized an increase in the number of shares the Company is permitted to repurchase under our share repurchase program, pursuant to which the Company is now permitted to repurchase up to a maximum of 15 million shares, including those shares previously authorized but not yet repurchased.

Under its existing Board authorized share repurchase program, in 2014 and 2013 the Company repurchased 2,190,254 shares and 7,064,932 shares of its common stock, respectively, pursuant to accelerated share repurchase (“ASR”) agreements with two financial institutions. Amounts paid pursuant to the ASR agreements were $150 million and $450 million in 2014 and 2013, respectively, and these purchases were funded through a combination of available cash on hand and debt. The Company determined that each of the ASR agreements met the criteria to be accounted for as a forward contract indexed to its own stock and were therefore treated as equity instruments. The final number of shares delivered upon settlement of each agreement was determined with reference to the daily Rule 10b-18 volume weighted-average prices of the Company’s common stock over the term of each agreement, less a forward price adjustment amount. The shares repurchased reduced the Company’s weighted average shares outstanding for purposes of calculating basic and diluted earnings per share.

During the years ended December 31, 2014 and 2013, the Company repurchased 2,190,254 and 9,198,056 shares of its common stock, respectively, pursuant to the terms of its share repurchase program. There were no shares of the Company’s common stock repurchased during the year ended December 31, 2015. As of December 31, 2015, there were 3,749,340 remaining shares available for repurchase under the Company’s authorized share repurchase program.