Earnings Per Share

6 Months Ended

Jun. 30, 2022

EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share from continuing operations for the three and six months ended June 30, 2022 and 2021 (in thousands, except per share data):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Numerator:
Income from continuing operations	$	31,260	$	8,613	$	89,391	$	58,829
Denominator:
Basic
Weighted average common shares outstanding	51,911		52,874		52,015		53,119
Diluted
Stock options (1)	508		676		564		733
Restricted stock units and awards (1)	112		182		157		220
Contingent shares (2)	—		37		—		37
Diluted weighted average common shares outstanding (3)	52,531		53,769		52,736		54,109
Basic earnings per share from continuing operations	$	0.60	$	0.16	$	1.72	$	1.11
Diluted earnings per share from continuing operations	$	0.60	$	0.16	$	1.70	$	1.09

(1)A total of 17 thousand and 86 thousand shares of stock-based awards were excluded from the calculation of diluted earnings per share for the three and six months ended June 30, 2022, respectively, as their effect would be anti-dilutive. A total of 5 thousand stock-based awards were excluded from the calculation of diluted earnings per share for the six months ended June 30, 2021. We did not exclude any stock-based awards from the calculation of diluted earnings per share for the three months ended June 30, 2021, as their effect was 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 360 thousand performance share units for both the three and six months ended June 30, 2022, and the denominator used in calculating diluted earnings per share did not include 447 thousand performance share units for both the three and six months ended June 30, 2021. 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 and six months ended June 30, 2022 and 2021.