1. A method of encoding video data, the method comprising: performing a predefined weighted prediction for a current video block using a predefined weight value; performing a first explicit weighted prediction for the current video block using a first explicit weight value and a first explicit offset value, wherein the first explicit weight value is based at least in part on the predefined weight value, wherein the first explicit offset is a high precision offset generated as a result of multiplying the first explicit offset by a factor and then rounding the results of the multiplication of the first explicit offset by the factor to an integer number; performing a second explicit weighted prediction for the current video block using an second explicit weight value and a second explicit offset value; performing a rate distortion analysis on the predefined weighted prediction, the first explicit weighted predictions, and the second explicit weighted prediction; and encoding the video data using the predefined weighted prediction, the first explicit weighted prediction, or the second explicit weighted prediction, based at least in part on the rate distortion analysis.