Earnings Per Share

3 Months Ended

Mar. 31, 2014

Earnings Per Share [Abstract]

Earnings Per Share

11. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share for continuing operations for the three months ended March 31, 2014 and 2013 (in thousands, except per share data).

	Three Months Ended March 31,
	2014		2013
Numerator:
Income from continuing operations after income tax expense	$	17,982	$	17,121
Denominator:
Basic
Weighted average common shares outstanding		48,182		49,417
Diluted
Stock options (1)		865		25
Restricted stock awards (1)		414		342
Contingent shares (2)		100		52
Convertible senior subordinated notes (3)		3,057		—
Diluted weighted average common shares outstanding		52,618		49,836
Basic earnings per share from continuing operations	$	0.37	$	0.35
Diluted earnings per share from continuing operations	$	0.34	$	0.34

(1) A total of 0.3 million and 7.4 million stock-based awards were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2014 and 2013, respectively, as their effect would be anti-dilutive.

(2) Contingent shares represent additional shares to be issued for purchase price earned by former owners of businesses acquired by CBIZ once future conditions have been met.

(3) The dilutive impact of potential shares to be issued related to the 2010 Notes based on the average share price for the first quarter of 2014, which exceeded the conversion price of $7.41.