EARNINGS PER SHARE

9 Months Ended

Sep. 30, 2022

EARNINGS PER SHARE

EARNINGS PER SHARE

NOTE 5.    EARNINGS PER SHARE

We compute basic earnings per share ("EPS") by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. The diluted EPS computation is similar to basic EPS except we increase the denominator 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 (when such 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:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Income from continuing operations	$	74,873	$	21,047	$	156,546	$	94,980
Less: income from continuing operations attributable to noncontrolling interest		9		6		16		70
Income from continuing operations attributable to Advanced Energy Industries, Inc.	$	74,864	$	21,041	$	156,530	$	94,910
Basic weighted-average common shares outstanding		37,379		38,183		37,482		38,296
Assumed exercise of dilutive stock options and restricted stock units		251		180		243		221
Diluted weighted-average common shares outstanding		37,630		38,363		37,725		38,517
Continuing operations:
Basic earnings per share	$	2.00	$	0.55	$	4.18	$	2.48
Diluted earnings per share	$	1.99	$	0.55	$	4.15	$	2.46

Share Repurchase

To execute the repurchase of shares of our common stock, we periodically enter into stock repurchase agreements. The following table summarizes these repurchases:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands, except per share amounts)	2022		2021		2022		2021
Amount paid or accrued to repurchase shares	$	2,342	$	52,555	$	25,955	$	59,058
Number of shares repurchased		34		605		346		677
Average repurchase price per share	$	69.39	$	86.93	$	75.07	$	87.30

There were no shares repurchased from related parties. Repurchased shares were retired and assumed the status of authorized and unissued shares.

In July 2022, the Board of Directors approved an increase to the share repurchase plan that increased the remaining amount authorized for future repurchases to a maximum of $200.0 million with no time limitation. At September 30, 2022, the remaining amount authorized by the Board of Directors for future share repurchases was $200.0 million.