Earnings Per Share

3 Months Ended

Mar. 31, 2019

Note 13. Earnings Per Share

The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the three months ended March 31, 2019 and 2018 (in thousands, except per share data).

	Three Months Ended
	March 31,
	2019		2018
Numerator:
Income from continuing operations	$	37,565	$	35,810
Denominator:
Basic
Weighted average common shares outstanding		54,287		54,071
Diluted
Stock options (1)		1,311		1,449
Restricted stock awards (1)		274		367
Contingent shares (2)		43		37
Diluted weighted average common shares outstanding (3)		55,915		55,924
Basic earnings per share from continuing operations	$	0.69	$	0.66
Diluted earnings per share from continuing operations	$	0.67	$	0.64

(1)

0.6 million share based awards were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2019 as their effect would be anti-dilutive whereas 0.5 million share based awards were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2018.

(2)

Contingent shares represent additional shares to be issued for purchase price earned by former owners of businesses acquired by us once future conditions have been met. Refer to Note 14, Acquisitions, for further details.

(3)

The denominator used in calculated diluted earnings per share did not include approximately 173 thousand restricted performance shares, as the performance targets for these awards had not yet been met.