Earnings Per Share

6 Months Ended

Jun. 30, 2015

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 from continuing operations for the three and six months ended June 30, 2015 and 2014 (in thousands, except per share data).

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2015		2014		2015		2014
Numerator:
Income from continuing operations	$	6,685	$	6,446	$	26,188	$	24,472
Denominator:
Basic
Weighted average common shares outstanding		49,464		48,273		48,809		48,228
Diluted
Stock options (1)		868		769		829		815
Restricted stock awards		224		258		290		338
Contingent shares (2)		118		134		118		134
Convertible senior subordinated notes (3)		1,350		2,618		1,181		2,837
Diluted weighted average common shares outstanding		52,024		52,052		51,227		52,352
Basic earnings per share from continuing operations	$	0.14	$	0.13	$	0.54	$	0.51
Diluted earnings per share from continuing operations	$	0.13	$	0.12	$	0.51	$	0.47

(1) A total of 1.5 million and 1.2 million share based awards were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2015, respectively, and a total of 1.1 million and 0.7 million share based awards were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2014, respectively, as they were anti-dilutive.

(2) Contingent shares represent additional shares to be issued for purchase price earned by former owners of businesses acquired by CBIZ.

(3) The dilutive impact of potential shares to be issued related to the 2010 Notes based on the average share price for the three and six months ended June 30, 2015 was $9.34 and $9.05 compared to $8.71 and $8.84 for the same period in 2014. The average share prices for the three and six months ended June 30, 2015 and 2014 exceeded the conversion price of $7.41.