EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2020

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 our diluted EPS is similar to the computation of our 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 EPS for the three months ended March 31, 2020 and 2019:

	Three Months Ended March 31,
	2020		2019
Income from continuing operations	$	18,398	$	15,387
Income from continuing operations attributable to noncontrolling interest		15		8
Income from continuing operations attributable to Advanced Energy Industries, Inc.	$	18,383	$	15,379
Basic weighted-average common shares outstanding		38,358		38,198
Assumed exercise of dilutive stock options and restricted stock units		212		228
Diluted weighted-average common shares outstanding		38,570		38,426
Continuing operations:
Basic earnings per share	$	0.48	$	0.40
Diluted earnings per share	$	0.48	$	0.40

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

	Three Months Ended March 31,
	2020	2019
Restricted stock units	—	119

Stock Buyback

In September 2015, our Board of Directors authorized a program to repurchase up to $150.0 million of our 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 Company common stock under this same program.

On December 18, 2019, our Board of Directors authorized the removal of the expiration date to the Company’s share repurchase program and increased the authorized amount by $25.1 million. During the first quarter of 2020, the Company repurchased $7.2 million worth of outstanding shares. As of March 31, 2020, the Company had $42.8 million authorized for the future repurchase of shares of our common stock.

In order to execute the repurchase of shares of our common stock, the Company periodically enters into stock repurchase agreements. During the three months ended March 31, 2020 and 2019, the Company has repurchased the following shares of common stock:

	Three Months Ended March 31,
(in thousands, except per share amounts)	2020		2019
Amount paid to repurchase shares	$	7,248	$	—
Number of shares repurchased		170		—
Average repurchase price per share	$	42.59	$	—

There were no shares repurchased from related parties. All shares repurchased were recognized as a reduction to Additional paid-in capital. Repurchased shares were retired and assumed the status of authorized and unissued shares.