Earnings per Share

12 Months Ended

Dec. 31, 2019

EARNINGS PER SHARE

Basic earnings per share is based on the weighted average number of common shares outstanding. Diluted earnings per share is based on the weighted average number of common shares outstanding, as well as dilutive common shares which include shares issuable under the equity compensation plans described in Note 12 of the consolidated financial statements. The weighted average number of diluted shares does not include potential anti-dilutive common shares aggregating 30,000, 303,000 and 468,000 at December 31, 2019, 2018 and 2017, respectively. The treasury stock method is used to calculate dilutive shares, which reduces the gross number of dilutive shares by the number of shares purchasable from the proceeds of the options assumed to be exercised and the unrecognized expense related to the options, restricted shares, restricted stock units, and performance stock units assumed to have vested.

Basic earnings and diluted weighted-average shares outstanding are as follows for the years ended December 31 (in thousands):



	2019		2018		2017
Numerator:
Income from continuing operations	$	65,091	$	63,809	$	62,965
Loss from discontinued operations	—		—		(405		)
Net income available to common shareholders	$	65,091	$	63,809	$	62,560
Denominator for basic earnings per share:
Weighted average shares outstanding	32,389		31,979		31,701
Denominator for diluted earnings per share:
Common stock options and stock units	333		555		549
Weighted average shares and conversions	32,722		32,534		32,250