Earnings Per Share

3 Months Ended

Mar. 31, 2022

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, 2022 and 2021 (in thousands, except per share data):


	Three Months Ended March 31,
		2022		2021
Numerator:
Income from continuing operations		$	58,131	$	50,216
Denominator:
Basic
Weighted average common shares outstanding		52,119		53,366
Diluted
Stock options (1)		619		776
Restricted stock units and awards (1)		217		257
Contingent shares (2)		—		37
Diluted weighted average common shares outstanding (3)		52,955		54,436
Basic earnings per share from continuing operations		$	1.12	$	0.94
Diluted earnings per share from continuing operations		$	1.10	$	0.92

(1)A total of 55 thousand and 1 thousand shares of stock-based awards were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2022 and 2021 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 363 thousand and 447 thousand performance share units for the three months ended March 31, 2022 and 2021, 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, 2022 and 2021.