Earnings Per Share

12 Months Ended

Dec. 31, 2019

Earnings Per Share

EARNINGS PER SHARE

NOTE 6.           EARNINGS PER SHARE

Basic earnings per share (“EPS”) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding (using the if-converted and treasury stock methods), if our outstanding stock options and restricted stock units had been converted to common shares, and if such assumed conversion is dilutive.

The following is a reconciliation of the weighted-average shares outstanding used in the calculation of basic and diluted earnings per share for the years ended December 31, 2019, 2018 and 2017:

	Years Ended December 31,
	2019		2018		2017
Income from continuing operations	$	56,495	$	147,149	$	136,101
Income from continuing operations attributable to noncontrolling interest		34		86		—
Income from continuing operations attributable to Advanced Energy Industries, Inc.	$	56,461	$	147,063	$	136,101
Basic weighted-average common shares outstanding		38,281		39,081		39,754
Assumed exercise of dilutive stock options and restricted stock units		214		271		422
Diluted weighted-average common shares outstanding		38,495		39,352		40,176
Continuing operations:
Basic earnings per share	$	1.47	$	3.76	$	3.42
Diluted earnings per share	$	1.47	$	3.74	$	3.39

The following stock options and restricted units were excluded in the computation of diluted earnings per share because they were anti-dilutive:

	Years Ended December 31,
	2019	2018	2017
Restricted stock units	—	2	—

Share Repurchase

In September 2015, our Board of Directors authorized a program to repurchase up to $150.0 million of our common stock over a thirty-month period. In November 2017, our Board of Directors approved an extension of the share repurchase program to December 2019 from its original maturity of March 2018. In May 2018, our Board of Directors approved a $50 million increase in its authorization to repurchase shares of our common stock under this same program.

 On December 18, 2019, the Board of Directors authorized to remove the expiration date to the Company’s share repurchase program and increase the authorized amount by $25.1 million. As of December 31, 2019, the Company is authorized to repurchase shares of the Company’s common stock of up to a total of $50.0 million.

In order to execute the repurchase of shares of our common stock, the Company periodically enters into stock repurchase agreements. During the years ended December 31, 2019, 2018 and 2017 the Company has repurchased the following shares of common stock:

	Years Ended December 31,
​ (in thousands, except per share amounts)	2019		2018		2017
Amount paid to repurchase shares	$	—	$	95,125	$	29,993
Number of shares repurchased		—		1,696		422
Average repurchase price per share	$	—	$	56.07	$	71.07