Earnings Per Share

3 Months Ended

Mar. 31, 2021

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, 2021 and 2020 (in thousands, except per share data).


	Three Months Ended March 31,
	2021		2020
Numerator:
Income from continuing operations	$	50,216	$	36,862
Denominator:
Basic
Weighted average common shares outstanding	53,366		54,571
Diluted
Stock options (1)	776		993
Restricted stock awards (1)	257		296
Contingent shares (2)	37		85
Diluted weighted average common shares outstanding (3)	54,436		55,945
Basic earnings per share from continuing operations	$	0.94	$	0.68
Diluted earnings per share from continuing operations	$	0.92	$	0.66

(1)A total of 1 thousand and 33 thousand stock-based awards were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2021 and 2020. 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 11. Business Combinations, for further details.

(3)The denominator used in calculating diluted earnings per share did not include 447 thousand and 332 thousand performance share units for the three months ended March 31, 2021 and 2020, 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, 2021 and 2020.