Earnings Per Share (Tables)

9 Months Ended

Sep. 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 nine months ended September 30, 2019 and 2018 (in thousands, except per share data).

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
Numerator:
Income from continuing operations	$	18,006	$	13,595	$	72,185	$	62,526
Denominator:
Basic
Weighted average common shares outstanding		54,268		54,794		54,215		54,489
Diluted
Stock options (1)		1,279		1,654		1,267		1,573
Restricted stock awards (1)		185		268		212		307
Contingent shares (2)		84		24		84		24
Diluted weighted average common shares outstanding (3)		55,816		56,740		55,778		56,393
Basic earnings per share from continuing operations	$	0.33	$	0.25	$	1.33	$	1.15
Diluted earnings per share from continuing operations	$	0.32	$	0.24	$	1.29	$	1.11

(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 nine months ended September 30, 2019, respectively, and a total of 0.5 million and 0.3 million share based awards were excluded from the calculation of diluted earnings per share for the three and nine months ended September 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 September 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 nine months periods ended September 30, 2019.