Earnings Per Share

3 Months Ended

Mar. 31, 2020

Note 10. 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, 2020 and 2019 (in thousands, except per share data).

	Three Months Ended
	March 31,
	2020		2019
Numerator:
Income from continuing operations	$	36,862	$	37,565
Denominator:
Basic
Weighted average common shares outstanding		54,571		54,287
Diluted
Stock options (1)		993		1,311
Restricted stock units and awards (1)		296		274
Contingent shares (2)		85		43
Diluted weighted average common shares outstanding (3)		55,945		55,915
Basic earnings per share from continuing operations	$	0.68	$	0.69
Diluted earnings per share from continuing operations	$	0.66	$	0.67

(1)

Approximately 33 thousand share based awards were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2020 as their effect would be anti-dilutive whereas 642 thousand share based awards were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2019.

(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 11, Business Combinations, for further details.

(3)

The denominator used in calculated diluted earnings per share did not include approximately 332 thousand and 173 thousand performance share units for the three months ended March 31, 2020 and 2019, respectively. The performance conditions associated with these performance share units were not met and consequently none of these performance share units were considered as issuable for the three months ended March 31, 2020 and 2019.