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,
	2017			2016			2015
Basic earnings per share from continuing operations
Numerator:
Net income from continuing operations	$	99,468		$	478,638		$	327,588
Net income from continuing operations attributable to noncontrolling interests	(44,618		)	(37,094		)	(25,158		)
Net income from continuing operations attributable to Albemarle Corporation	$	54,850		$	441,544		$	302,430
Denominator:
Weighted-average common shares for basic earnings per share	110,914			112,379			111,182
Basic earnings per share from continuing operations	$	0.49		$	3.93		$	2.72
Diluted earnings per share from continuing operations
Numerator:
Net income from continuing operations	$	99,468		$	478,638		$	327,588
Net income from continuing operations attributable to noncontrolling interests	(44,618		)	(37,094		)	(25,158		)
Net income from continuing operations attributable to Albemarle Corporation	$	54,850		$	441,544		$	302,430
Denominator:
Weighted-average common shares for basic earnings per share	110,914			112,379			111,182
Incremental shares under stock compensation plans	1,466			860			374
Weighted-average common shares for diluted earnings per share	112,380			113,239			111,556
Diluted earnings per share from continuing operations	$	0.49		$	3.90		$	2.71

At December 31, 2017, 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, 2017, there were 8,050 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, 2017, 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 our existing Board-authorized share repurchase program, the Company entered into an accelerated share repurchase (“ASR”) agreement with a financial institution on March 1, 2017. Under the ASR agreement, in March 2017, the Company paid $250 million from available cash on hand and received and retired an initial delivery of 1,948,178 shares of our common stock. Under the terms of the ASR agreement, on June 16, 2017, the transaction was completed and we received and retired a final settlement of 392,905 shares, calculated based on the daily Rule 10b-18 volume-weighted average prices of the Company’s common stock over the term of the ASR agreement, less an agreed discount. The Company determined that the ASR agreement met the criteria to be accounted for as a forward contract indexed to its stock and was therefore treated as an equity instrument. In total, we received and retired 2,341,083 shares under the ASR agreement, which reduced the Company’s weighted average shares outstanding for purposes of calculating basic and diluted earnings per share for the year ended December 31, 2017.

There were no shares of the Company’s common stock repurchased during the years ended December 31, 2016 and 2015. As of December 31, 2017, there were 12,658,917 remaining shares available for repurchase under the Company’s authorized share repurchase program.