Earnings Per Share (Tables)

12 Months Ended

Dec. 31, 2014

Computation of Basic and Diluted Earnings Per Share for Continuing Operations

The following table sets forth the computation of basic and diluted earnings per share from continuing operations (in thousands, except per share data):


	Year Ended December 31,
	2014		2013		2012
Numerator:
Income from continuing operations	$	30,414	$	25,379	$	23,793

Denominator:
Basic
Weighted average common shares outstanding		48,343		48,632		49,002

Diluted
Stock options (1)		761		194		—
Restricted stock awards		293		263		186
Contingent shares (2)		129		52		64
Convertible senior subordinated notes (3)		1,961		—		—

Diluted weighted average common shares outstanding		51,487		49,141		49,252

Earnings Per Share:
Basic earnings per share from continuing operations	$	0.63	$	0.52	$	0.49

Diluted earnings per share from continuing operations	$	0.59	$	0.52	$	0.48

(1)	For the years ended December 31, 2014, 2013 and 2012, a total of 0.9 million, 6.1 million and 8.2 million stock based awards, respectively, were excluded from the calculation of diluted earnings per share as their exercise prices would render them 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. See Note 19 for further discussion of acquisitions.

(3)	The dilutive impact of potential shares to be issued related to the 2010 Notes is based on the average share price of $8.71 for the twelve months ended December 31, 2014 which exceeded the conversion price of $7.41.