Earnings per Share

12 Months Ended

Dec. 31, 2021

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 pursuant to equity based incentive compensation awards 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 issuable pursuant to equity based incentive compensation awards. There were no anti-dilutive shares outstanding at December 31, 2021. There were 13,000 and 30,000 shares issuable pursuant to equity based incentive compensation awards excluded from the diluted earnings calculation because the effect of their inclusion would be anti-dilutive for the years ended December 31, 2020 and 2019, 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.

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


	2021		2020		2019
Numerator:
Income from continuing operations	$	74,516	$	83,291	$	59,928
Income (loss) from discontinued operations	1,113		(18,725)		5,163
Net income available to common shareholders	$	75,629	$	64,566	$	65,091
Denominator for basic earnings per share:
Weighted average shares outstanding	32,873		32,664		32,389
Denominator for diluted earnings per share:
Common stock options and stock units	181		254		333
Weighted average shares and conversions	33,054		32,918		32,722