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,
	2016			2015			2014
Basic earnings per share from continuing operations
Numerator:
Net income from continuing operations	$	478,638		$	327,588		$	230,437
Net income from continuing operations attributable to noncontrolling interests	(37,094		)	(25,158		)	(27,590		)
Net income from continuing operations attributable to Albemarle Corporation	$	441,544		$	302,430		$	202,847
Denominator:
Weighted-average common shares for basic earnings per share	112,379			111,182			78,696
Basic earnings per share from continuing operations	$	3.93		$	2.72		$	2.57
Diluted earnings per share from continuing operations
Numerator:
Net income from continuing operations	$	478,638		$	327,588		$	230,437
Net income from continuing operations attributable to noncontrolling interests	(37,094		)	(25,158		)	(27,590		)
Net income from continuing operations attributable to Albemarle Corporation	$	441,544		$	302,430		$	202,847
Denominator:
Weighted-average common shares for basic earnings per share	112,379			111,182			78,696
Incremental shares under stock compensation plans	860			374			406
Weighted-average common shares for diluted earnings per share	113,239			111,556			79,102
Diluted earnings per share from continuing operations	$	3.90		$	2.71		$	2.57

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, 2016, all common stock equivalents were included in the computation of diluted earnings per share.

Included in the calculation of basic earnings per share are unvested restricted stock awards that contain nonforfeitable rights to dividends. At December 31, 2016, there were 6,000 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, 2016, no shares of preferred stock have been issued.

In November 2016, 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 previously authorized but not yet repurchased.

Under its Board authorized share repurchase program, in 2014 the Company repurchased 2,190,254 shares of its common stock pursuant to accelerated share repurchase (“ASR”) agreements with two financial institutions. Amounts paid pursuant to the ASR agreements were $150 million in 2014, 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.

There were no shares of the Company’s common stock repurchased during the years ended December 31, 2016 and 2015. As of December 31, 2016, there were 15,000,000 remaining shares available for repurchase under the Company’s authorized share repurchase program.