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Earnings Per Share
 9 Months Ended
Sep. 30, 2015
Earnings Per Share [Abstract]  
Earnings Per Share
12. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the three and nine months ended September 30, 2015 and 2014 (in thousands, except per share data).

 

     Three Months Ended      Nine Months Ended  
     September 30,      September 30,  
     2015      2014      2015      2014  

Numerator:

            

Income from continuing operations

    $ 9,589       $ 7,320       $ 35,777       $ 31,792   
  

 

 

     

 

 

     

 

 

     

 

 

  

Denominator:

            

Basic

            

Weighted average common shares outstanding

      51,736         48,451         49,812         48,303   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted

            

Stock options (1)

      905         725         860         779   

Restricted stock awards

      204         210         260         290   

Contingent shares (2)

      34         102         34         102   

Convertible senior subordinated notes (3)

      1,566         1,721         1,319         1,995   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted weighted average common shares outstanding

      54,445         51,209         52,285         51,469   
  

 

 

     

 

 

     

 

 

     

 

 

  

Basic earnings per share from continuing operations

    $ 0.19       $ 0.15       $ 0.72       $ 0.66   
  

 

 

     

 

 

     

 

 

     

 

 

  

Diluted earnings per share from continuing operations

    $ 0.18       $ 0.14       $ 0.68       $ 0.62   
  

 

 

     

 

 

     

 

 

     

 

 

  

 

(1) A total of 1.4 million and 1.5 million share based awards were excluded from the calculation of diluted earnings per share for the three and nine months ended September 30, 2015, respectively, and a total of 1.3 million and 1.1 million share based awards were excluded from the calculation of diluted earnings per share for the three and nine months ended September 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 was based on the average share price for the three and nine months ended September 30, 2015 of $9.75 and $9.29 compared to $8.53 and $8.73 for the same period in 2014. The average share prices for the three and nine months ended September 30, 2015 and 2014 exceeded the conversion price of $7.41. Beginning October 1, 2015, the common stock equivalents related to the 2010 Notes will have less of an impact on diluted weighted average shares outstanding due to the maturation of the 2010 Notes.