Computation of Earnings Per Share

12 Months Ended

Dec. 31, 2019

COMPUTATION OF EARNINGS PER SHARE

The computation of basic earnings per share is based on net earnings divided by the weighted average number of shares of common stock outstanding for each year. The computation of diluted earnings per share includes the common stock equivalency of dilutive options granted to employees under the Company's stock incentive plan and shares issuable on redemption of its Convertible Notes.



	For the Year Ended December 31,
	2019		2018		2017
In thousands, except per share amounts
Earnings from continuing operations	$	56,446	$	15,877	$	19,708
Total earnings from discontinued operations	153,383		38,292		30,118
Net earnings	$	209,829	$	54,169	$	49,826

Basic:
Weighted average number of shares outstanding	27,936		27,945		27,611
Earnings per share from continuing operations	$	2.02	$	0.57	$	0.71
Earnings per share from discontinued operations	5.49		1.37		1.09
Basic earnings per share	$	7.51	$	1.94	$	1.80
Diluted:
Weighted average number of shares outstanding	27,936		27,945		27,611
Weighted average shares issuable on exercise of dilutive stock options	156		208		160
Weighted average shares issuable on exercise of convertible notes	—		37		466
Weighted average shares issuable on redemption of warrants related to 2017 Notes	—		33		181
Total	28,092		28,223		28,418

Earnings per share from continuing operations	$	2.01	$	0.56	$	0.69
Earnings per share from discontinued operations	5.46		1.36		1.06
Diluted earnings per share	$	7.47	$	1.92	$	1.75

Equity awards

Excluded from the diluted earnings per share calculation for the years ended December 31, 2019, 2018 and 2017, respectively, are 339,961, 186,115 and 245,361 shares associated with equity awards granted to employees that are anti-dilutive based on the average stock price.

2017 Convertible Notes

For the years ended December 31, 2019 and 2018, there were no shares issuable under the 2017 Notes. For the year ended December 31, 2017, shares issuable under the 2017 Notes that were dilutive during the period were included in the calculation of earnings per share as the conversion price for the Convertible Notes was less than the average share price of the Company's stock.

2024 Convertible Notes

For the years ended December 31, 2019, 2018 and 2017, shares issuable under the 2024 Notes were excluded from the calculation of diluted earnings per share as the conversion price for the Convertible Notes was more than the average share price of the Company's stock.

21. COMPUTATION OF EARNINGS PER SHARE (CONTINUED)

Warrants

For the years ended December 31, 2019, 2018, and 2017 shares issuable under the warrants sold in connection with the Company’s 2017 Convertible Note offering were included in the calculation of diluted earnings per share as the strike price of the warrants was less than the average share price of the Company’s stock. For further information on the Convertible Notes, see Note 14, Debt.