Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2019

Computation of Basic and Diluted Earnings Per Share from Continuing Operations

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, 2019 and 2018 (in thousands, except per share data).

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2019		2018		2019		2018
Numerator:
Income from continuing operations	$	16,614	$	13,121	$	54,179	$	48,931
Denominator:
Basic
Weighted average common shares outstanding		54,090		54,594		54,188		54,334
Diluted
Stock options (1)		1,188		1,550		1,247		1,500
Restricted stock awards (1)		176		290		225		329
Contingent shares (2)		41		3		41		3
Diluted weighted average common shares outstanding (3)		55,495		56,437		55,701		56,166
Basic earnings per share from continuing operations	$	0.31	$	0.24	$	1.00	$	0.90
Diluted earnings per share from continuing operations	$	0.30	$	0.23	$	0.97	$	0.87

(1)

A total of 0.5 million and 0.5 million share based awards were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2019, respectively, and a total of 0.4 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, 2018, 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 us once future considerations have been met. Refer to Note 14, Acquisitions, for further details.

(3)

The denominator used in calculating diluted earnings per share did not include 173 thousand PSUs granted in March 2019. As of June 30, 2019, the performance conditions associated with these PSUs were not met and consequently none of these PSUs were considered as issuable for the three months and six months periods ended June 30, 2019.