Earnings Per Share

12 Months Ended

Dec. 31, 2021

EARNINGS PER SHARE

The following table sets forth the reconciliation of the numerator and the denominator of basic earnings per share and diluted earnings per share from continuing operations for the years ended December 31, 2021, 2020 and 2019 (in thousands, except per share data):


	Year Ended December 31,
	2021		2020		2019
Numerator:
Income from continuing operations	$	70,911	$	78,347	$	71,049
Denominator:
Basic
Weighted average common shares outstanding	52,637		54,288		54,299
Diluted
Stock options (1)	683		802		1,288
Restricted stock awards	192		195		234
Contingent shares (2)	—		74		74
Performance share units	211		—		—
Diluted weighted average common shares outstanding (3)	53,723		55,359		55,895
Earnings Per Share:
Basic earnings per share from continuing operations	$	1.35	$	1.44	$	1.31
Diluted earnings per share from continuing operations	$	1.32	$	1.42	$	1.27

(1)For the years ended December 31, 2021, 2020 and 2019, a total of 23 thousand, 253 thousand and 482 thousand stock based awards, respectively, were excluded from the calculation of diluted earnings per share as their exercise prices would render them 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 conditions have been met. For further details, refer to Note 18, Business Combinations.

(3)The denominator used in calculating diluted earnings per share did not include 0.3 million and 0.3 million performance share units for the twelve months ended December 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 years ended December 31, 2021 and 2020.