Earnings Per Share

9 Months Ended

Sep. 30, 2016

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 nine months ended September 30, 2016 and 2015 (in thousands, except per share data).

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2016		2015		2016		2015
Numerator:
Income from continuing operations	$	10,987	$	9,589	$	41,172	$	35,777
Denominator:
Basic
Weighted average common shares outstanding		52,648		51,736		52,086		49,812
Diluted
Stock options (1)		868		905		842		860
Restricted stock awards (1)		189		204		251		260
Contingent shares (2)		141		34		141		34
Convertible senior subordinated notes (3)		—		1,566		—		1,319
Diluted weighted average common shares outstanding		53,846		54,445		53,320		52,285
Basic earnings per share from continuing operations	$	0.21	$	0.19	$	0.79	$	0.72
Diluted earnings per share from continuing operations	$	0.20	$	0.18	$	0.77	$	0.68

(1)

A total of 1.1 million and 1.3 million share based awards were excluded from the calculation of diluted earnings per share for the three and nine months ended September 30, 2016, respectively, and a total of 1.4 million and 5.0 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, 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.

(3)

The dilutive impact of potential shares to be issued upon conversion of the 2010 Notes is not applicable to the three and nine months ended September 30, 2016 due to the maturation of the 2010 Notes in the fourth quarter of 2015.