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Earnings Per Share
 12 Months Ended
Dec. 31, 2016
Earnings Per Share [Abstract]  
Earnings Per Share

Note 15. 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, 2016, 2015 and 2014 (in thousands, except per share data):

 

 

 

Year Ended December 31,

 

 

 

2016

 

 

2015

 

 

2014

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations

 

$

40,607

 

 

$

35,003

 

 

$

30,414

 

Denominator:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

 

52,321

 

 

 

50,280

 

 

 

48,343

 

Diluted

 

 

 

 

 

 

 

 

 

 

 

 

Stock options (1)

 

 

870

 

 

 

876

 

 

 

761

 

Restricted stock awards

 

 

261

 

 

 

277

 

 

 

293

 

Contingent shares (2)

 

 

61

 

 

 

29

 

 

 

129

 

Convertible senior subordinated notes (3)

 

 

—

 

 

 

1,231

 

 

 

1,961

 

Diluted weighted average common shares outstanding

 

 

53,513

 

 

 

52,693

 

 

 

51,487

 

Earnings Per Share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings per share from continuing operations

 

$

0.78

 

 

$

0.70

 

 

$

0.63

 

Diluted earnings per share from continuing operations

 

$

0.76

 

 

$

0.66

 

 

$

0.59

 

 

(1)

For the years ended December 31, 2016, 2015 and 2014, a total of 0.8 million, 1.5 million and 0.9 million 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 CBIZ once future conditions have been met. For further details, refer to Note 18, Acquisitions.

(3)

The 2010 Notes were retired on October 1, 2015 with the amounts available under the credit facility. The dilutive impact of potential shares to be issued related to the 2010 Notes was based on the average share price of $9.62 and $8.71 in 2015 and 2014, which exceeded the conversion price of $7.41.