Earnings Per Share

12 Months Ended

Dec. 31, 2015

15. Earnings Per Share

The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share from continuing operations for the years ended December 31, 2015, 2014 and 2013 (in thousands, except per share data):


	Year Ended December 31,
	2015		2014		2013
Numerator:
Income from continuing operations	$	35,003	$	30,414	$	25,379

Denominator:
Basic
Weighted average common shares outstanding		50,280		48,343		48,632

Diluted
Stock options (1)		876		761		194
Restricted stock awards		277		293		263
Contingent shares (2)		29		129		52
Convertible senior subordinated notes (3)		1,231		1,961		—

Diluted weighted average common shares outstanding		52,693		51,487		49,141

Earnings Per Share:
Basic earnings per share from continuing operations	$	0.70	$	0.63	$	0.52

Diluted earnings per share from continuing operations	$	0.66	$	0.59	$	0.52

(1)	For the years ended December 31, 2015, 2014 and 2013, a total of 1.5 million, 0.9 million and 6.1 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 18 for further discussion of acquisitions.

(3)

The dilutive impact of shares issued related to the 2010 Notes is based on the average share price of $9.62 for the twelve months ended December 31, 2015 which exceeded the conversion price of $7.41. The 2010 Notes were retired on October 1, 2015 with the amounts available under the credit facility. The dilutive impact is the result of dilution for the year ended December 31, 2015.